{"id":33753,"date":"2026-11-06T10:46:32","date_gmt":"2026-11-06T01:46:32","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=33753"},"modified":"2026-11-06T10:46:32","modified_gmt":"2026-11-06T01:46:32","slug":"ue-mitsubishi-corporation-to-buy-back-1-trillion-yen-of-its-own-shares","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-mitsubishi-corporation-to-buy-back-1-trillion-yen-of-its-own-shares","title":{"rendered":"\u4e09\u83f1\u5546\u4e8b1\u5146\u5186\u81ea\u793e\u682a\u8cb7\u3044\u3092\u5fb9\u5e95\u89e3\u8aac\uff5c\u682a\u4fa1\u5f71\u97ff\u30fb\u30e1\u30ea\u30c3\u30c8\u3068\u30ea\u30b9\u30af"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u4e09\u83f1\u5546\u4e8b1\u5146\u5186\u81ea\u793e\u682a\u8cb7\u3044\u3092\u5fb9\u5e95\u89e3\u8aac\uff5c\u682a\u4fa1\u5f71\u97ff\u30fb\u30e1\u30ea\u30c3\u30c8\u3068\u30ea\u30b9\u30af<\/h2>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"2\" class=\"\">\u6982\u8981\uff08Executive Summary\uff09<\/h2>\n<p data-path-to-node=\"3\"><strong><span class=\"\">\u5927\u624b\u7dcf\u5408\u5546\u793e\u30fb\u4e09\u83f1\u5546\u4e8b\u304c\u6253\u3061\u51fa\u3057\u305f<\/span><span class=\"f-marker-p\"><span class=\"\">\u300c\u53d6\u5f97\u7dcf\u984d\u306e\u4e0a\u96501\u5146\u5186\u30fb\u53d6\u5f97\u682a\u5f0f\u6570\u306e\u4e0a\u96504\u51042,<\/span><span class=\"\">000\u4e07\u682a\uff08\u81ea\u5df1\u682a\u5f0f\u3092\u9664\u304f\u767a\u884c\u6e08\u307f\u682a\u5f0f\u7dcf\u6570\u306e\u7d046\uff05\uff09\u300d\u3068\u3044\u3046\u81ea\u5df1\u682a\u5f0f\u53d6\u5f97\u8a08\u753b<\/span><\/span><span class=\"\">\u306f\u3001<\/span><span class=\"\">\u65e5\u672c\u306e\u8cc7\u672c\u5e02\u5834\u306b\u304a\u3044\u3066\u5358\u4e00\u306e\u81ea\u793e\u682a\u8cb7\u3044\u67a0\u3068\u3057\u3066\u56fd\u5185\u30c8\u30c3\u30d7\u30af\u30e9\u30b9\u306e\u898f\u6a21\u3092\u8a87\u308b\u6b74\u53f2\u7684\u306a\u8ca1\u52d9\u65bd\u7b56\u3067\u3059\u3002<\/span><\/strong><\/p>\n<p data-path-to-node=\"4\"><span class=\"\">\u8fd1\u5e74\u3001<\/span><span class=\"\">\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u3088\u308b\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\uff08\u3044\u308f\u3086\u308bPBR1\u500d\u5272\u308c\u6539\u5584\u8981\u8acb\uff09\u300d\u3092\u5951\u6a5f\u306b\u3001<\/span><span class=\"\">\u65e5\u672c\u306e\u4e0a\u5834\u4f01\u696d\u306e\u9593\u3067\u682a\u4e3b\u9084\u5143\u3092\u5f37\u5316\u3059\u308b\u52d5\u304d\u304c\u52a0\u901f\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"4\"><span class=\"\">\u4e09\u83f1\u5546\u4e8b\u306e\u6c7a\u5b9a\u306f\u305d\u306e\u8c61\u5fb4\u7684\u306a\u5230\u9054\u70b9\u3067\u3042\u308a\u3001<\/span><span class=\"\">\u5358\u306a\u308b\u4f59\u5270\u8cc7\u91d1\u306e\u5206\u914d\u306b\u3068\u3069\u307e\u3089\u305a\u3001<\/span><span class=\"\">\u300c\u8cc7\u672c\u69cb\u6210\u306e\u629c\u672c\u7684\u306a\u6700\u9069\u5316\u300d\u300c1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS\uff09\u306e\u6052\u4e45\u7684\u306a\u5f15\u304d\u4e0a\u3052\u300d\u300c\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08ROE\uff09\u306e\u6539\u5584\u300d\u300c\u682a\u4fa1\u306e\u5272\u5b89\u611f\u662f\u6b63\u300d\u3092\u8907\u5408\u7684\u306b\u72d9\u3063\u305f\u9ad8\u5ea6\u306a\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u6226\u7565\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"5\"><span class=\"\">\u3055\u3089\u306b\u540c\u793e\u306f\u3001<\/span><span class=\"\">\u4eca\u56de\u53d6\u5f97\u3059\u308b\u81ea\u5df1\u682a\u5f0f\u306b\u3064\u3044\u3066\u300c2027\u5e748\u670831\u65e5\u306b\u5168\u6570\u3092\u6d88\u5374\uff08\u62b9\u6d88\u30fb\u7834\u68c4\uff09\u3059\u308b\u300d\u65b9\u91dd\u3092\u660e\u78ba\u306b\u793a\u3057\u307e\u3057\u305f\u3002<\/span><span>\u8cb7\u3044\u623b\u3057\u305f\u682a\u5f0f\u3092\u624b\u5143\u306b\u7559\u4fdd\uff08\u91d1\u5eab\u682a\u5316\uff09\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u6d88\u5374\u3059\u308b\u3053\u3068\u306f\u3001<\/span><span>\u5c06\u6765\u306e\u682a\u5f0f\u518d\u653e\u51fa\u306b\u3088\u308b\u5e0c\u8584\u5316\u61f8\u5ff5\u3092\u5b8c\u5168\u306b\u65ad\u3061\u5207\u308b\u884c\u70ba\u3067\u3042\u308a\u3001<\/span><span>\u9577\u671f\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6975\u3081\u3066\u4fe1\u983c\u6027\u306e\u9ad8\u3044\u9084\u5143\u30e1\u30c3\u30bb\u30fc\u30b8\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"6\"><span>\u3057\u304b\u3057\u3001<\/span><span class=\"\">\u81ea\u793e\u682a\u8cb7\u3044\u3068\u3044\u3046\u884c\u70ba\u306f\u5149\u3070\u304b\u308a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span class=\"\">\u597d\u6cc1\u671f\u306b\u304a\u3051\u308b\u9ad8\u5024\u8cb7\u3044\u306b\u3088\u308b\u300c\u8cc7\u672c\u306e\u6bc0\u640d\u300d\u3001<\/span><span>\u5c06\u6765\u3092\u62c5\u3046\u6210\u9577\u6295\u8cc7\u306e\u5148\u9001\u308a\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u7d42\u4e86\u5f8c\u306b\u8a2a\u308c\u308b\u300c\u9700\u7d66\u306e\u7a7a\u767d\uff08\u30a8\u30a2\u30dd\u30b1\u30c3\u30c8\uff09\u300d\u3001<\/span><span>\u3055\u3089\u306b\u306f\u7d4c\u55b6\u9663\u304c\u696d\u7e3e\u9023\u52d5\u5831\u916c\u3084\u76ee\u6a19\u6570\u5024\u3092\u7e55\u3046\u305f\u3081\u306e\u300c\u5b89\u6613\u306a\u5316\u7ca7\u8cb7\u3044\uff08\u30e2\u30e9\u30eb\u30cf\u30b6\u30fc\u30c9\uff09\u300d\u306a\u3069\u3001<\/span><span>\u898b\u9003\u3057\u3066\u306f\u306a\u3089\u306a\u3044\u6df1\u523b\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u30ea\u30b9\u30af\u3092\u5185\u5728\u3055\u305b\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"7\"><span>\u672c\u7a3f\u3067\u306f\u3001<\/span><span>\u4e09\u83f1\u5546\u4e8b\u306e\u4e8b\u4f8b\u3092\u51fa\u767a\u70b9\u3068\u3057\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u306e\u57fa\u672c\u69cb\u9020\u304b\u3089\u3001<\/span><span>\u5404\u682a\u4fa1\u6307\u6a19\uff08EPS\u30fbPER\u30fbROE\u30fbBPS\u30fbPBR\uff09\u304c\u52d5\u304f\u7cbe\u5bc6\u306a\u6570\u5024\u30ed\u30b8\u30c3\u30af\u3001<\/span><span>\u914d\u5f53\u3068\u306e\u672c\u8cea\u7684\u306a\u76f8\u9055\u70b9\u3001<\/span><span>\u5b9f\u65bd\u671f\u9593\u4e2d\u304a\u3088\u3073\u7d42\u4e86\u5f8c\u306e\u5e02\u5834\u30c0\u30a4\u30ca\u30df\u30af\u30b9\u3001<\/span><span>\u6771\u8a3c\u6539\u9769\u306b\u304a\u3051\u308b\u5e02\u5834\u306e\u8b70\u8ad6\u307e\u3067\u3092\u4f53\u7cfb\u7684\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><span>\u305d\u3057\u3066\u7d50\u3073\u3068\u3057\u3066\u3001<\/span><span>\u30a4\u30f3\u30d5\u30ec\u3068\u8cc7\u7523\u5f62\u6210\u306e\u6642\u4ee3\u3092\u8fce\u3048\u305f\u79c1\u305f\u3061\u304c\u3001<\/span><span>\u306a\u305c\u3053\u3046\u3057\u305f\u91d1\u878d\u30fb\u6295\u8cc7\u306e\u77e5\u8b58\u3092\u8eab\u306b\u3064\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u304b\u3001<\/span><span>\u305d\u306e\u672c\u8cea\u7684\u306a\u610f\u7fa9\u3092\u8ad6\u3058\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"9\">\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\uff08Key Takeaways\uff09<\/h2>\n<ul data-path-to-node=\"10\">\n<li>\n<p data-path-to-node=\"10,0,0\"><b data-path-to-node=\"10,0,0\" data-index-in-node=\"0\">\u4e09\u83f1\u5546\u4e8b\u306e\u767a\u8868\u5185\u5bb9<\/b><span>:<\/span><span> \u53d6\u5f97\u67a0\u4e0a\u96501\u5146\u5186\u30fb4\u51042,<\/span><span>000\u4e07\u682a\uff08\u7d046%\uff09\u3001<\/span><span>\u53d6\u5f97\u671f\u9593\u306f2026\u5e7411\u67085\u65e5\u301c2027\u5e747\u670831\u65e5\u3002<\/span><span>\u53d6\u5f97\u3057\u305f\u682a\u5f0f\u306f2027\u5e748\u670831\u65e5\u306b<\/span><b data-path-to-node=\"10,0,0\" data-index-in-node=\"80\">\u5168\u6570\u6d88\u5374<\/b><span>\u3092\u4e88\u5b9a\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,1,0\"><b data-path-to-node=\"10,1,0\" data-index-in-node=\"0\">\u6307\u6a19\u5909\u5316\u306e\u6570\u5b66\u7684\u5fc5\u7136<\/b><span>:<\/span><span> \u4f01\u696d\u306e\u7d14\u5229\u76ca\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u3001<\/span><span>\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u304c\u6e1b\u308b\u3053\u3068\u3067\u300c1\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca\uff08EPS\uff09\u300d\u304c\u6a5f\u68b0\u7684\u306b\u4e0a\u6607\u3057\u3001<\/span><span>\u624b\u5143\u73fe\u91d1\u306e\u652f\u51fa\u3067\u7d14\u8cc7\u7523\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u304c\u6e1b\u308b\u3053\u3068\u3067\u300c\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08ROE\uff09\u300d\u304c\u8df3\u306d\u4e0a\u304c\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,2,0\"><b data-path-to-node=\"10,2,0\" data-index-in-node=\"0\">\u300c\u6d88\u5374\u300d\u306e\u6c7a\u5b9a\u7684\u4fa1\u5024<\/b><span>:<\/span><span> \u53d6\u5f97\u3057\u305f\u682a\u3092\u4fdd\u6709\u3057\u7d9a\u3051\u308b\uff08\u91d1\u5eab\u682a\uff09\u5834\u5408\u3068\u7570\u306a\u308a\u3001<\/span><span>\u6d88\u5374\u306f\u682a\u5f0f\u3092\u6cd5\u7684\u306b\u7834\u68c4\u3059\u308b\u305f\u3081\u3001<\/span><span>\u5c06\u6765\u306e\u518d\u653e\u51fa\uff08\u5e0c\u8584\u5316\uff09\u30ea\u30b9\u30af\u304c\u30bc\u30ed\u306b\u306a\u308a\u3001<\/span><span>1\u682a\u4fa1\u5024\u306e\u6052\u4e45\u7684\u306a\u51dd\u7e2e\u304c\u6210\u7acb\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,3,0\"><b data-path-to-node=\"10,3,0\" data-index-in-node=\"0\">\u5897\u914d\u3068\u306e\u672c\u8cea\u7684\u76f8\u9055<\/b><span>:<\/span><span> \u5897\u914d\u306f\u300c\u6e1b\u914d\u3067\u304d\u306a\u3044\u300d\u4e0d\u53ef\u9006\u7684\u306a\u516c\u7d04\u3067\u3042\u308a\u3001<\/span><span>\u5c06\u6765\u306e\u6301\u7d9a\u7684\u306a\u5229\u76ca\u62e1\u5927\u3078\u306e\u81ea\u4fe1\u3092\u793a\u3059\u3002<\/span><span>\u4e00\u65b9\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u306f\u4e00\u904e\u6027\u306e\u4f59\u5270\u8cc7\u91d1\u306e\u6a5f\u52d5\u7684\u9084\u6d41\u3084\u3001<\/span><span>\u5272\u5b89\u306a\u81ea\u793e\u682a\u4fa1\u306e\u662f\u6b63\u3092\u610f\u56f3\u3057\u3066\u884c\u308f\u308c\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,4,0\"><b data-path-to-node=\"10,4,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u91cd\u5927\u306a\u30c7\u30e1\u30ea\u30c3\u30c8<\/b><span>:<\/span><span> (1) \u597d\u6cc1\u671f\u306e\u9ad8\u5024\u63b4\u307f\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306e\u7834\u58ca\u3001<\/span><span>(2) \u8a2d\u5099\u6295\u8cc7\u30fb\u7814\u7a76\u958b\u767a\u30fb\u4eba\u7684\u8cc7\u672c\u6295\u8cc7\u306e\u6a5f\u4f1a\u640d\u5931\u3001<\/span><span>(3) \u8cb7\u3044\u4ed8\u3051\u7d42\u4e86\u76f4\u5f8c\u306b\u751f\u3058\u308b\u65e5\u3005\u306e\u5b9f\u9700\u8cb7\u3044\u6d88\u5931\uff08\u9700\u7d66\u30a8\u30a2\u30dd\u30b1\u30c3\u30c8\uff09\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,5,0\"><b data-path-to-node=\"10,5,0\" data-index-in-node=\"0\">\u6771\u8a3c\u6539\u9769\u3068\u5e02\u5834\u306e\u6279\u5224<\/b><span class=\"\">:<\/span><span> \u5358\u306b\u81ea\u793e\u682a\u8cb7\u3044\u3067\u5206\u6bcd\uff08\u7d14\u8cc7\u7523\uff09\u3092\u524a\u3063\u3066\u898b\u304b\u3051\u306eROE\u3084PBR\u3092\u7e55\u3046\u300c\u7e2e\u5c0f\u5747\u8861\u300d\u306f\u6295\u8cc7\u5bb6\u306b\u898b\u900f\u304b\u3055\u308c\u308b\u3002<\/span><span>\u300cROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09 \uff1e \u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u300d\u3068\u306a\u308b\u6210\u9577\u6295\u8cc7\u306e\u63d0\u793a\u3053\u305d\u304c\u4e0d\u53ef\u6b20\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,6,0\"><b data-path-to-node=\"10,6,0\" data-index-in-node=\"0\">\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u771f\u4fa1<\/b><span>:<\/span><span> \u30cb\u30e5\u30fc\u30b9\u306e\u30d8\u30c3\u30c9\u30e9\u30a4\u30f3\u306b\u8e0a\u3089\u3055\u308c\u305a\u3001<\/span><span class=\"\">\u8cc7\u672c\u914d\u5206\u306e\u826f\u3057\u60aa\u3057\u3092\u898b\u629c\u304f\u529b\u306f\u3001<\/span><span>\u682a\u5f0f\u6295\u8cc7\u3067\u306e\u8cc7\u7523\u5f62\u6210\u306e\u307f\u306a\u3089\u305a\u3001<\/span><span>\u500b\u4eba\u306e\u4eba\u751f\u8a2d\u8a08\u3084\u30ad\u30e3\u30ea\u30a2\u5f62\u6210\u306b\u304a\u3051\u308b\u300c\u6642\u9593\u3068\u8cc7\u91d1\u306e\u914d\u5206\u6226\u7565\u300d\u305d\u306e\u3082\u306e\u306b\u76f4\u7d50\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"12\">\u7b2c1\u7ae0\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u306e\u57fa\u790e\u69cb\u9020\u3068\u4e09\u83f1\u5546\u4e8b\u306e\u767a\u8868\u8a73\u7d30<\/h2>\n<h3 data-path-to-node=\"13\">1-1. \u81ea\u793e\u682a\u8cb7\u3044\uff08\u81ea\u5df1\u682a\u5f0f\u53d6\u5f97\uff09\u3068\u306f\u4f55\u304b\uff1f<\/h3>\n<p data-path-to-node=\"14\"><span>\u4f01\u696d\u304c\u6d3b\u52d5\u3057\u3066\u5f97\u305f\u5229\u76ca\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\uff09\u306e\u4f7f\u3044\u9053\u306f\u3001<\/span><span>\u5927\u304d\u304f\u5206\u3051\u308b\u3068\u4ee5\u4e0b\u306e4\u3064\u3057\u304b\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">\u8a2d\u5099\u6295\u8cc7\u30fb\u7814\u7a76\u958b\u767a\u30fb\u65b0\u898f\u4e8b\u696d\u3078\u306e\u518d\u6295\u8cc7<\/b><span>\uff08\u5c06\u6765\u306e\u58f2\u4e0a\u3092\u751f\u3080\u305f\u3081\u306e\u6295\u8cc7\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"0\">\u624b\u5143\u8cc7\u91d1\u3068\u3057\u3066\u306e\u5185\u90e8\u7559\u4fdd<\/b><span>\uff08\u4e0d\u6cc1\u3084\u6709\u4e8b\u306b\u5099\u3048\u308b\u305f\u3081\u306e\u73fe\u91d1\u9810\u91d1\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,2,0\"><b data-path-to-node=\"15,2,0\" data-index-in-node=\"0\">\u682a\u4e3b\u3078\u306e\u76f4\u63a5\u9084\u5143\uff1a\u914d\u5f53\u91d1<\/b><span>\uff08\u5229\u76ca\u3092\u73fe\u91d1\u3068\u3057\u3066\u6295\u8cc7\u5bb6\u3078\u5206\u914d\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,3,0\"><b data-path-to-node=\"15,3,0\" data-index-in-node=\"0\">\u682a\u4e3b\u3078\u306e\u9593\u63a5\u9084\u5143\uff1a\u81ea\u793e\u682a\u8cb7\u3044<\/b><span>\uff08\u5e02\u5834\u304b\u3089\u81ea\u793e\u682a\u3092\u8cb7\u3044\u623b\u3059\uff09<\/span><\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"16\"><span>\u81ea\u793e\u682a\u8cb7\u3044\u3068\u306f\u3001<\/span><span>\u4f1a\u793e\u304c\u624b\u5143\u306e\u73fe\u91d1\u3092\u4f7f\u3044\u3001<\/span><span>\u5e02\u5834\u3067\u6d41\u901a\u3057\u3066\u3044\u308b\u81ea\u793e\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u623b\u3059\u624b\u7d9a\u304d\u3067\u3059\u3002<\/span><span>\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3044\u3066\u4f01\u696d\u81ea\u8eab\u304c\u81ea\u793e\u682a\u306e\u300c\u8cb7\u3044\u624b\u300d\u3068\u3057\u3066\u53c2\u5165\u3057\u3001<\/span><span>\u6d41\u901a\u3057\u3066\u3044\u308b\u682a\u5f0f\u3092\u5438\u3044\u4e0a\u3052\u308b\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"17\">1-2. \u4eca\u56de\u306e\u4e09\u83f1\u5546\u4e8b\u306e\u958b\u793a\u8981\u4ef6<\/h3>\n<p data-path-to-node=\"18\"><span>\u4e09\u83f1\u5546\u4e8b\u304c2026\u5e7411\u67084\u65e5\u306b\u767a\u8868\u3057\u305f\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5185\u5bb9\u306f\u3001<\/span><span class=\"\">\u898f\u6a21\u30fb\u671f\u9593\u30fb\u305d\u306e\u5f8c\u306e\u51e6\u5206\u306e\u3059\u3079\u3066\u306b\u304a\u3044\u3066\u5e02\u5834\u306e\u6ce8\u76ee\u3092\u96c6\u3081\u307e\u3057\u305f\u3002<\/span><\/p>\n<table data-path-to-node=\"19\">\n<thead>\n<tr>\n<td><strong>\u9805\u76ee<\/strong><\/td>\n<td><strong>\u958b\u793a\u5185\u5bb9<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"19,1,0,0\"><b data-path-to-node=\"19,1,0,0\" data-index-in-node=\"0\">\u53d6\u5f97\u7dcf\u984d\u306e\u4e0a\u9650<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,1,1,0\"><b data-path-to-node=\"19,1,1,0\" data-index-in-node=\"0\">1\u5146\u5186<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,2,0,0\"><b data-path-to-node=\"19,2,0,0\" data-index-in-node=\"0\">\u53d6\u5f97\u682a\u6570\u306e\u4e0a\u9650<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,2,1,0\"><b data-path-to-node=\"19,2,1,0\" data-index-in-node=\"0\">4\u51042,000\u4e07\u682a<\/b>\uff08\u81ea\u5df1\u682a\u5f0f\u3092\u9664\u304f\u767a\u884c\u6e08\u307f\u682a\u5f0f\u7dcf\u6570\u306e\u7d046.0%\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,3,0,0\"><b data-path-to-node=\"19,3,0,0\" data-index-in-node=\"0\">\u53d6\u5f97\u671f\u9593<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,3,1,0\"><b data-path-to-node=\"19,3,1,0\" data-index-in-node=\"0\">2026\u5e7411\u67085\u65e5 \uff5e 2027\u5e747\u670831\u65e5<\/b>\uff08\u7d049\u304b\u6708\u9593\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,4,0,0\"><b data-path-to-node=\"19,4,0,0\" data-index-in-node=\"0\">\u53d6\u5f97\u65b9\u6cd5<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,4,1,0\">\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u304a\u3051\u308b\u5e02\u5834\u8cb7\u4ed8\uff08\u81ea\u5df1\u682a\u5f0f\u53d6\u5f97\u4fe1\u8a17\u7b49\u306e\u6d3b\u7528\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,5,0,0\"><b data-path-to-node=\"19,5,0,0\" data-index-in-node=\"0\">\u6d88\u5374\u4e88\u5b9a\u65e5<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,5,1,0\"><b data-path-to-node=\"19,5,1,0\" data-index-in-node=\"0\">2027\u5e748\u670831\u65e5<\/b>\uff08\u4eca\u56de\u53d6\u5f97\u3057\u305f\u5168\u6570\u3092\u6d88\u5374\u4e88\u5b9a\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,6,0,0\"><b data-path-to-node=\"19,6,0,0\" data-index-in-node=\"0\">\u696d\u7e3e\u30fb\u914d\u5f53\u80cc\u666f<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,6,1,0\">\u4eca\u671f\u9023\u7d50\u7d14\u5229\u76ca\u4e88\u60f3\u3092<b data-path-to-node=\"19,6,1,0\" data-index-in-node=\"10\">1\u51462,000\u5104\u5186<\/b>\u3078\u4e0a\u65b9\u4fee\u6b63\u3001\u5e74\u9593\u914d\u5f53\u306f125\u5186\u3092\u7dad\u6301<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"20\"><span class=\"\">\u3053\u306e\u767a\u8868\u306e\u7279\u7b46\u3059\u3079\u304d\u70b9\u306f\u3001<\/span><span class=\"\">\u300c\u4e0a\u96501\u5146\u5186\u300d\u3068\u3044\u3046\u5727\u5012\u7684\u306a\u91d1\u984d\u898f\u6a21\u3068\u3001<\/span><span class=\"\">\u300c\u7d046%\u306b\u9054\u3059\u308b\u682a\u5f0f\u306e\u5168\u6570\u6d88\u5374\u300d\u304c\u30bb\u30c3\u30c8\u306b\u306a\u3063\u3066\u3044\u308b\u70b9\u3067\u3059\u3002<\/span><span class=\"\">\u767a\u884c\u6e08\u307f\u682a\u5f0f\u306e6%\u304c\u4e00\u6319\u306b\u6d88\u6ec5\u3059\u308b\u3053\u3068\u306f\u3001<\/span><span>\u682a\u4e3b\u306b\u3068\u3063\u3066\u81ea\u5206\u306e\u4fdd\u6709\u3059\u308b1\u682a\u306e\u6a29\u5229\u304c\u7d041.<\/span><span>064\u500d\uff08<\/span><span class=\"math-inline\" data-math=\"1 \\div 0.94\" data-index-in-node=\"111\">$1 \\div 0.94$<\/span><span class=\"\">\uff09\u306b\u81ea\u52d5\u6fc3\u7e2e\u3055\u308c\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"21\">1-3. \u300c\u91d1\u5eab\u682a\u300d\u3068\u300c\u6d88\u5374\u300d\u306e\u6c7a\u5b9a\u7684\u306a\u9055\u3044<\/h3>\n<p data-path-to-node=\"22\"><span>\u81ea\u793e\u682a\u8cb7\u3044\u306b\u304a\u3044\u3066\u3001<\/span><span>\u521d\u5fc3\u8005\u304c\u6700\u521d\u306b\u3064\u307e\u305a\u304d\u3084\u3059\u3044\u306e\u304c\u300c\u8cb7\u3044\u623b\u3057\u305f\u682a\u306f\u3069\u3046\u306a\u308b\u306e\u304b\uff1f\u300d\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/span><span>\u4f1a\u793e\u304c\u5e02\u5834\u304b\u3089\u8cb7\u3044\u623b\u3057\u305f\u682a\u306f\u3001<\/span><span>\u6cd5\u7684\u306b\u306f\u76f4\u3061\u306b\u6d88\u6ec5\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<ul data-path-to-node=\"23\">\n<li>\n<p data-path-to-node=\"23,0,0\"><b data-path-to-node=\"23,0,0\" data-index-in-node=\"0\">\u91d1\u5eab\u682a\uff08\u81ea\u5df1\u682a\u5f0f\u3068\u3057\u3066\u306e\u4fdd\u6709\uff09<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"23,0,1\"><span>\u8cb7\u3044\u53d6\u3063\u305f\u682a\u5f0f\u3092\u3001<\/span><span>\u4f1a\u793e\u306e\u8cc7\u7523\u91d1\u5eab\u306b\u4fdd\u7ba1\u3057\u3066\u304a\u304f\u72b6\u614b\u3067\u3059\u3002<\/span><span>\u8cb8\u501f\u5bfe\u7167\u8868\uff08\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff09\u4e0a\u306f\u300c\u7d14\u8cc7\u7523\u306e\u90e8\u306e\u63a7\u9664\u9805\u76ee\uff08\u30de\u30a4\u30ca\u30b9\u8868\u793a\uff09\u300d\u3068\u3057\u3066\u8a08\u4e0a\u3055\u308c\u307e\u3059\u3002<\/span><span>\u91d1\u5eab\u682a\u306b\u3057\u3066\u304a\u3051\u3070\u3001<\/span><span>\u5c06\u6765M&amp;A\u3092\u884c\u3046\u969b\u306e\u300c\u8cb7\u53ce\u5bfe\u4fa1\uff08\u682a\u5f0f\u4ea4\u63db\uff09\u300d\u3068\u3057\u3066\u6d3b\u7528\u3057\u305f\u308a\u3001<\/span><span>\u5f79\u54e1\u3084\u5f93\u696d\u54e1\u306b\u4ed8\u4e0e\u3059\u308b\u300c\u682a\u5f0f\u5831\u916c\uff08\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\uff09\u300d\u306e\u539f\u8cc7\u306b\u8ee2\u7528\u3067\u304d\u308b\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"23,0,2\"><span>\u3057\u304b\u3057\u65e2\u5b58\u682a\u4e3b\u304b\u3089\u898b\u308b\u3068\u3001<\/span><span>\u300c\u5c06\u6765\u3001<\/span><span>\u4f1a\u793e\u304c\u8cc7\u91d1\u7e70\u308a\u306b\u56f0\u3063\u305f\u6642\u3084\u682a\u4fa1\u304c\u4e0a\u304c\u3063\u305f\u6642\u306b\u3001<\/span><span>\u5e02\u5834\u3078\u518d\u3073\u58f2\u5374\uff08\u518d\u653e\u51fa\uff09\u3059\u308b\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u300d\u3068\u3044\u3046\u7591\u5ff5\u304c\u6255\u62ed\u3067\u304d\u307e\u305b\u3093\u3002<\/span><span>\u518d\u653e\u51fa\u3055\u308c\u308c\u3070\u682a\u6570\u304c\u5897\u3048\u3001<\/span><span>1\u682a\u4fa1\u5024\u306f\u518d\u3073\u8584\u307e\u3063\u3066\u3057\u307e\u3044\u307e\u3059\uff08\u5e0c\u8584\u5316\u30ea\u30b9\u30af\uff09\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"23,1,0\"><b data-path-to-node=\"23,1,0\" data-index-in-node=\"0\">\u682a\u5f0f\u306e\u6d88\u5374\uff08Cancellation \/ Retirement\uff09<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"23,1,1\"><span>\u4f1a\u793e\u6cd5\u7b2c178\u6761\u306b\u57fa\u3065\u304d\u3001<\/span><span>\u53d6\u7de0\u5f79\u4f1a\u306e\u6c7a\u8b70\u306b\u3088\u3063\u3066\u81ea\u5df1\u682a\u5f0f\u3092\u6c38\u4e45\u306b\u62b9\u6d88\u30fb\u7834\u68c4\u3059\u308b\u6cd5\u7684\u624b\u7d9a\u304d\u3067\u3059\u3002<\/span><span>\u6d88\u5374\u3055\u308c\u305f\u682a\u5f0f\u306f\u6cd5\u7684\u5b9f\u4f53\u3092\u5931\u3044\u3001<\/span><span>\u4e8c\u5ea6\u3068\u5e02\u5834\u306b\u623b\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<p data-path-to-node=\"23,1,2\"><span>\u4e09\u83f1\u5546\u4e8b\u304c\u300c\u5168\u682a\u6d88\u5374\u300d\u3092\u660e\u8a00\u3057\u305f\u3053\u3068\u306f\u3001<\/span><span>\u300c\u8cb7\u3044\u623b\u3057\u305f\u682a\u3092\u5e02\u5834\u306b\u518d\u653e\u51fa\u3059\u308b\u3053\u3068\u306f100%\u3042\u308a\u5f97\u306a\u3044\u3002<\/span><span>1\u682a\u5f53\u305f\u308a\u306e\u4fa1\u5024\u5411\u4e0a\u3092\u4e0d\u53ef\u9006\uff08\u5143\u306b\u623b\u3089\u306a\u3044\u5f62\uff09\u3067\u682a\u4e3b\u306b\u7d04\u675f\u3059\u308b\u300d\u3068\u3044\u3046\u6700\u9ad8\u5f37\u5ea6\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"25\">\u7b2c2\u7ae0\uff1a\u682a\u4fa1\u6307\u6a19\u306f\u3069\u3046\u52d5\u304f\u306e\u304b\uff1f\u8a08\u7b97\u4f8b\u3067\u5b66\u3076\u8ca1\u52d9\u30e1\u30ab\u30cb\u30ba\u30e0<\/h2>\n<p data-path-to-node=\"26\"><span>\u81ea\u793e\u682a\u8cb7\u3044\u304c\u884c\u308f\u308c\u308b\u3068\u3001<\/span><span>\u306a\u305c\u682a\u4fa1\u304c\u4e0a\u304c\u308a\u3084\u3059\u304f\u306a\u308a\u3001<\/span><span>\u6295\u8cc7\u6307\u6a19\u304c\u5287\u7684\u306b\u6539\u5584\u3059\u308b\u306e\u304b\u3002<\/span><span>\u3053\u3053\u306b\u306f\u6570\u5b66\u7684\u30fb\u4f1a\u8a08\u5b66\u7684\u306a\u660e\u5feb\u306a\u30ed\u30b8\u30c3\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"27\"><span>\u5177\u4f53\u7684\u306a\u30e2\u30c7\u30eb\u4f01\u696d\uff08\u6642\u4fa1\u7dcf\u984d1,<\/span><span>000\u5104\u5186\u898f\u6a21\uff09\u3092\u60f3\u5b9a\u3057\u3001<\/span><span>\u5b9f\u65bd\u524d\u5f8c\u306e\u5404\u6307\u6a19\u306e\u5909\u5316\u30921\u3064\u305a\u3064\u30b9\u30c6\u30c3\u30d7\u3092\u8ffd\u3063\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"29\">2-1. \u524d\u63d0\u30e2\u30c7\u30eb\u4f01\u696d\u306e\u8a2d\u5b9a<\/h3>\n<ul data-path-to-node=\"30\">\n<li>\n<p data-path-to-node=\"30,0,0\"><b data-path-to-node=\"30,0,0\" data-index-in-node=\"0\">\u5f53\u671f\u7d14\u5229\u76ca<\/b><span>:<\/span><span> 100\u5104\u5186\uff08\u4f01\u696d\u304c1\u5e74\u9593\u306b\u751f\u307f\u51fa\u3057\u305f\u6700\u7d42\u5229\u76ca\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,1,0\"><b data-path-to-node=\"30,1,0\" data-index-in-node=\"0\">\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570<\/b><span>:<\/span><span> 1\u5104\u682a\uff08100,<\/span><span>000,<\/span><span>000\u682a\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,2,0\"><b data-path-to-node=\"30,2,0\" data-index-in-node=\"0\">\u7d14\u8cc7\u7523\uff08\u81ea\u5df1\u8cc7\u672c\uff09<\/b><span>:<\/span><span> 1,<\/span><span>000\u5104\u5186\uff08\u682a\u4e3b\u8cc7\u672c\u306e\u7dcf\u984d\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,3,0\"><b data-path-to-node=\"30,3,0\" data-index-in-node=\"0\">\u73fe\u5728\u306e\u682a\u4fa1<\/b><span>:<\/span><span> 1,<\/span><span>000\u5186<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,4,0\"><b data-path-to-node=\"30,4,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u8a08\u753b<\/b><span>:<\/span><span> \u624b\u5143\u8cc7\u91d1100\u5104\u5186\u3092\u4f7f\u3044\u3001<\/span><span>\u5e02\u5834\u4fa1\u683c\uff081,<\/span><span>000\u5186\uff09\u3067\u81ea\u793e\u682a\u3092\u8cb7\u3044\u623b\u3059<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"31\"><span>\u3053\u306e\u6761\u4ef6\u3067\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u3068\u3001<\/span><span>\u4ee5\u4e0b\u306e\u6570\u91cf\u5909\u5316\u304c\u751f\u3058\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"32\">\n<li>\n<p data-path-to-node=\"32,0,0\"><span>\u8cb7\u3044\u623b\u3059\u682a\u6570\uff1a<\/span><span class=\"math-inline\" data-math=\"100\\text{\u5104\u5186} \\div 1,000\\text{\u5186} = 1,000\\text{\u4e07\u682a}\" data-index-in-node=\"7\">100\u5104\u5186 \u00f7 1,000\\\u5186 = 1,000\u4e07\u682a<\/span><span>\uff08\u5168\u4f53\u306e10%\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"32,1,0\"><span>\u8cb7\u3044\u623b\u3057\u5f8c\u306e\u767a\u884c\u6e08\u307f\u682a\u6570\uff1a<\/span><span class=\"math-inline\" data-math=\"1\\text{\u5104\u682a} - 1,000\\text{\u4e07\u682a} = \\mathbf{9,000\\text{\u4e07\u682a}}\" data-index-in-node=\"13\">1\u5104\u682a &#8211; 1,000\u4e07\u682a = 9,000\u4e07\u682a<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"32,2,0\"><span>\u8cb7\u3044\u623b\u3057\u5f8c\u306e\u7d14\u8cc7\u7523\uff1a<\/span><span class=\"math-inline\" data-math=\"1,000\\text{\u5104\u5186} - 100\\text{\u5104\u5186} = \\mathbf{900\\text{\u5104\u5186}}\" data-index-in-node=\"10\">1,000\u5104\u5186 &#8211; 100\u5104\u5186 = 900\u5104\u5186<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"34\">2-2. \u5404\u6307\u6a19\u306e\u8a08\u7b97\u624b\u9806\u3068\u5909\u5316\u306e\u89e3\u8aac<\/h3>\n<h4 data-path-to-node=\"35\">\u2460 EPS\uff08Earnings Per Share\uff1a1\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca\uff09<\/h4>\n<p data-path-to-node=\"36\"><span>EPS\u306f\u3001<\/span><span>\u4f01\u696d\u304c\u751f\u307f\u51fa\u3059\u7d14\u5229\u76ca\u30921\u682a\u3054\u3068\u306b\u5272\u308a\u632f\u3063\u305f\u6570\u5024\u3067\u3042\u308a\u3001<\/span><span>\u682a\u5f0f\u4fa1\u5024\u306e\u6839\u5e79\u3067\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"37\">\n<div class=\"math-block\" data-math=\"\\text{EPS} = \\frac{\\text{\u5f53\u671f\u7d14\u5229\u76ca}}{\\text{\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.29.59.png\" alt=\"\" width=\"306\" height=\"89\" class=\"aligncenter  wp-image-33793\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.29.59.png 508w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.29.59-300x87.png 300w\" sizes=\"(max-width: 306px) 100vw, 306px\" \/><\/div>\n<\/div>\n<ul data-path-to-node=\"38\">\n<li>\n<p data-path-to-node=\"38,0,0\"><b data-path-to-node=\"38,0,0\" data-index-in-node=\"0\">\u5b9f\u65bd\u524d<\/b><span>:<\/span><span> <\/span><span class=\"math-inline\" data-math=\"100\\text{\u5104\u5186} \\div 1\\text{\u5104\u682a} = \\mathbf{100\\text{\u5186}}\" data-index-in-node=\"5\">100\u5104\u5186 \u00f7 1\u5104\u682a = 100\u5186<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"38,1,0\"><b data-path-to-node=\"38,1,0\" data-index-in-node=\"0\">\u5b9f\u65bd\u5f8c<\/b><span>:<\/span><span> <\/span><span class=\"math-inline\" data-math=\"100\\text{\u5104\u5186} \\div 9,000\\text{\u4e07\u682a} \\approx \\mathbf{111.11\\text{\u5186}}\" data-index-in-node=\"5\">100\u5104\u5186 \u00f7 9,000\u4e07\u682a = 111.11\u5186<\/span><span>\uff08<\/span><b data-path-to-node=\"38,1,0\" data-index-in-node=\"70\">+11.1% \u4e0a\u6607<\/b><span>\uff09<\/span><\/p>\n<\/li>\n<\/ul>\n<blockquote data-path-to-node=\"39\" class=\"\">\n<p data-path-to-node=\"39,0\"><b data-path-to-node=\"39,0\" data-index-in-node=\"0\">\u30e1\u30ab\u30cb\u30ba\u30e0:<\/b> \u4f1a\u793e\u5168\u4f53\u306e\u7a3c\u304e\uff08100\u5104\u5186\u306e\u7d14\u5229\u76ca\uff09\u306f1\u5186\u3082\u5897\u3048\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u5229\u76ca\u3092\u5206\u3051\u5408\u3046\u682a\u4e3b\u306e\u7dcf\u6570\uff08\u5206\u6bcd\uff09\u304c10%\u6e1b\u3063\u305f\u305f\u3081\u3001<b data-path-to-node=\"39,0\" data-index-in-node=\"67\">\u6b8b\u3055\u308c\u305f\u65e2\u5b58\u682a\u4e3b\u306e1\u682a\u5f53\u305f\u308a\u53d6\u308a\u5206\u304c\u81ea\u52d5\u7684\u306b11.1%\u5897\u52a0<\/b>\u3057\u307e\u3059\u3002<\/p>\n<\/blockquote>\n<h4 data-path-to-node=\"40\">\u2461 PER\uff08Price Earnings Ratio\uff1a\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u3068\u7406\u8ad6\u682a\u4fa1<\/h4>\n<p data-path-to-node=\"41\"><span>PER\u306f\u3001<\/span><span class=\"\">\u73fe\u5728\u306e\u682a\u4fa1\u304c\u300cEPS\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u300d\u3092\u793a\u3059\u5272\u5b89\u30fb\u5272\u9ad8\u306e\u5c3a\u5ea6\u3067\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"42\">\n<div class=\"math-block\" data-math=\"\\text{PER} = \\frac{\\text{\u682a\u4fa1}}{\\text{EPS}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.31.16.png\" alt=\"\" width=\"216\" height=\"100\" class=\"aligncenter  wp-image-33794\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.31.16.png 320w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.31.16-300x139.png 300w\" sizes=\"(max-width: 216px) 100vw, 216px\" \/><\/div>\n<\/div>\n<ul data-path-to-node=\"43\">\n<li>\n<p data-path-to-node=\"43,0,0\"><b data-path-to-node=\"43,0,0\" data-index-in-node=\"0\">\u5b9f\u65bd\u524d<\/b><span>:<\/span><span> <\/span><span class=\"math-inline\" data-math=\"1,000\\text{\u5186} \\div 100\\text{\u5186} = \\mathbf{10.0\\text{\u500d}}\" data-index-in-node=\"5\">1,000\u5186 \u00f7 100\u5186 = 10.0\u500d<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"43,1,0\"><b data-path-to-node=\"43,1,0\" data-index-in-node=\"0\">\u5b9f\u65bd\u76f4\u5f8c\uff08\u682a\u4fa1\u304c1,000\u5186\u306e\u307e\u307e\u3068\u4eee\u5b9a\uff09<\/b><span>:<\/span><\/p>\n<div data-path-to-node=\"43,1,1\">\n<div class=\"math-block\" data-math=\"1,000\\text{\u5186} \\div 111.11\\text{\u5186} \\approx \\mathbf{9.0\\text{\u500d}}\">1,000\u5186 \u00f7 111.11\u5186 = 9.0\u500d<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<blockquote data-path-to-node=\"44\" class=\"\">\n<p data-path-to-node=\"44,0\"><b data-path-to-node=\"44,0\" data-index-in-node=\"0\">\u682a\u4fa1\u4e0a\u6607\u3078\u306e\u6ce2\u53ca\u30ed\u30b8\u30c3\u30af:<\/b><\/p>\n<p data-path-to-node=\"44,1\">\u682a\u4fa1\u304c1,000\u5186\u306e\u307e\u307e\u3060\u3068\u3001PER\u304c10\u500d\u304b\u30899\u500d\u3078\u4f4e\u4e0b\u3057\u3001\u5e02\u5834\u304b\u3089\u898b\u3066\u300c\u5272\u5b89\u300d\u306b\u653e\u7f6e\u3055\u308c\u305f\u72b6\u614b\u306b\u306a\u308a\u307e\u3059\u3002\u5e02\u5834\u306e\u6295\u8cc7\u5bb6\u304c\u300c\u3053\u306e\u4f01\u696d\u306e\u9069\u6b63\u306a\u8a55\u4fa1\u500d\u7387\u306f10\u500d\u3067\u3042\u308b\u300d\u3068\u5224\u65ad\u3057\u7d9a\u3051\u308b\u5834\u5408\u3001PER\u309210\u500d\u306b\u623b\u305d\u3046\u3068\u3059\u308b\u88c1\u5b9a\u8cb7\u3044\u304c\u5165\u308a\u3001\u7406\u8ad6\u682a\u4fa1\u306f\u6b21\u306e\u3088\u3046\u306b\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<div data-path-to-node=\"44,2\">\n<div class=\"math-block\" data-math=\"\\text{\u7406\u8ad6\u682a\u4fa1} = \\text{\u65b0EPS}(111.11\\text{\u5186}) \\times \\text{\u9069\u6b63PER}(10\\text{\u500d}) = \\mathbf{1,111\\text{\u5186}}\">\u7406\u8ad6\u682a\u4fa1 = \u65b0EPS(111.11\u5186) \u00d7 \u9069\u6b63PER10\u500d = 1,111\u5186<\/div>\n<\/div>\n<p data-path-to-node=\"44,3\">\u3059\u306a\u308f\u3061\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u308b\u682a\u6570\u6e1b\u5c11\u5206\uff0810%\u6e1b\uff09\u306b\u547c\u5fdc\u3057\u3066\u3001<b data-path-to-node=\"44,3\" data-index-in-node=\"31\"><\/b><span class=\"f-marker-y\"><b data-path-to-node=\"44,3\" data-index-in-node=\"31\">\u682a\u4fa1\u306b\u306f\u7d0411.1%\u306e\u4e0a\u6607\u5727\u529b\u304c\u5fc5\u7136\u7684\u306b\u751f\u3058\u308b<\/b>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/blockquote>\n<h4 data-path-to-node=\"45\">\u2462 ROE\uff08Return on Equity\uff1a\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/h4>\n<p data-path-to-node=\"46\"><span>ROE\u306f\u3001<\/span><span>\u300c\u682a\u4e3b\u304b\u3089\u9810\u304b\u3063\u305f\u5143\u624b\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u4f7f\u3063\u3066\u3001<\/span><span>\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u305f\u304b\u300d\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"47\">\n<div class=\"math-block\" data-math=\"\\text{ROE} = \\frac{\\text{\u5f53\u671f\u7d14\u5229\u76ca}}{\\text{\u81ea\u5df1\u8cc7\u672c\uff08\u7d14\u8cc7\u7523\uff09}} \\times 100\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.33.38.png\" alt=\"\" width=\"372\" height=\"62\" class=\"aligncenter  wp-image-33795\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.33.38.png 672w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.33.38-300x50.png 300w\" sizes=\"(max-width: 372px) 100vw, 372px\" \/><\/div>\n<\/div>\n<ul data-path-to-node=\"48\">\n<li>\n<p data-path-to-node=\"48,0,0\"><b data-path-to-node=\"48,0,0\" data-index-in-node=\"0\">\u5b9f\u65bd\u524d<\/b><span>:<\/span><span> <\/span><span class=\"math-inline\" data-math=\"\\frac{100\\text{\u5104\u5186}}{1,000\\text{\u5104\u5186}} \\times 100 = \\mathbf{10.0\\%}\" data-index-in-node=\"5\">100\u5104\u5186 \u00f7 1,000\u5104\u5186 \u00d7 100 = 10.0%<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"48,1,0\"><b data-path-to-node=\"48,1,0\" data-index-in-node=\"0\">\u5b9f\u65bd\u5f8c<\/b><span>:<\/span><span> <\/span><span class=\"math-inline\" data-math=\"\\frac{100\\text{\u5104\u5186}}{900\\text{\u5104\u5186}} \\times 100 \\approx \\mathbf{11.11\\%}\" data-index-in-node=\"5\">100\u5104\u5186 \u00f7 900\u5104\u5186 \u00d7 100 = 11.11%<\/span><span>\uff08<\/span><b data-path-to-node=\"48,1,0\" data-index-in-node=\"75\">+1.11\u30dd\u30a4\u30f3\u30c8 \u6539\u5584<\/b><span>\uff09<\/span><\/p>\n<\/li>\n<\/ul>\n<blockquote data-path-to-node=\"49\" class=\"\">\n<p data-path-to-node=\"49,0\"><b data-path-to-node=\"49,0\" data-index-in-node=\"0\">\u30e1\u30ab\u30cb\u30ba\u30e0:<\/b> \u4f1a\u793e\u304c\u73fe\u91d1100\u5104\u5186\u3092\u5e02\u5834\u306b\u653e\u51fa\u3057\u3066\u81ea\u5df1\u8cc7\u672c\uff08\u5206\u6bcd\uff09\u3092\u5727\u7e2e\u3057\u305f\u305f\u3081\u3001\u8cc7\u672c\u52b9\u7387\u304c\u5927\u304d\u304f\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u3002\u4f59\u5270\u73fe\u91d1\u3092\u91d1\u5eab\u306b\u5bdd\u304b\u305b\u305a\u682a\u4e3b\u306b\u6255\u3044\u623b\u3057\u305f\u3053\u3068\u3067\u3001\u300c\u8cc7\u672c\u3092\u7121\u99c4\u9063\u3044\u305b\u305a\u7b4b\u8089\u8cea\u306a\u7d4c\u55b6\u3092\u884c\u3063\u3066\u3044\u308b\u300d\u3068\u898b\u306a\u3055\u308c\u3001\u4e16\u754c\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306b\u5f15\u3063\u304b\u304b\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n<h4 data-path-to-node=\"50\">\u2463 BPS\uff081\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff09\u3068 PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/h4>\n<p data-path-to-node=\"51\"><span>BPS\u306f\u4f1a\u793e\u306e\u89e3\u6563\u4fa1\u5024\u3001<\/span><span class=\"\">PBR\u306f\u682a\u4fa1\u304cBPS\u306e\u4f55\u500d\u304b\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"52\">\n<div class=\"math-block\" data-math=\"\\text{BPS} = \\frac{\\text{\u7d14\u8cc7\u7523}}{\\text{\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.35.21.png\" alt=\"\" width=\"312\" height=\"97\" class=\"aligncenter  wp-image-33796\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.35.21.png 534w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/11\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-11-05-11.35.21-300x93.png 300w\" sizes=\"(max-width: 312px) 100vw, 312px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"53\"><span>\u81ea\u793e\u682a\u8cb7\u3044\u306b\u304a\u3044\u3066\u521d\u5fc3\u8005\u304c\u6700\u3082\u898b\u843d\u3068\u3057\u304c\u3061\u306a\u306e\u304c\u3001<\/span><span>\u300c\u3044\u304f\u3089\u306e\u682a\u4fa1\uff08\u4f55\u500d\u306ePBR\uff09\u3067\u8cb7\u3044\u623b\u3059\u304b\u306b\u3088\u3063\u3066\u3001<\/span><span>BPS\u306e\u5897\u6e1b\u304c\u9006\u8ee2\u3059\u308b\u300d\u3068\u3044\u3046\u6570\u5b66\u7684\u771f\u7406\u3067\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"54\">\n<thead>\n<tr>\n<td><strong>\u53d6\u5f97\u6642\u306e\u682a\u4fa1\u6c34\u6e96<\/strong><\/td>\n<td><strong>BPS\uff081\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff09\u3078\u306e\u5f71\u97ff<\/strong><\/td>\n<td><strong>\u7406\u7531\u3068\u89e3\u8aac<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"54,1,0,0\"><b data-path-to-node=\"54,1,0,0\" data-index-in-node=\"0\">PBR 1\u500d\u5272\u308c\uff08\u5272\u5b89\uff09\u3067\u8cb7\u3044\u623b\u3057<\/b><\/span><\/td>\n<td><span data-path-to-node=\"54,1,1,0\"><b data-path-to-node=\"54,1,1,0\" data-index-in-node=\"0\">BPS\u306f\u4e0a\u6607\u3059\u308b<\/b><\/span><\/td>\n<td><span data-path-to-node=\"54,1,2,0\">1\u682a\u5f53\u305f\u308a\u306e\u89e3\u6563\u4fa1\u5024\uff08\u7d14\u8cc7\u7523\uff09\u3088\u308a\u3082\u5b89\u3044\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u4fa1\u683c\u3067\u8cb7\u3044\u53d6\u3063\u3066\u6d88\u5374\u3059\u308b\u305f\u3081\u3001<b data-path-to-node=\"54,1,2,0\" data-index-in-node=\"42\">\u6d88\u5374\u5f8c\u306e\u6b8b\u308a\u7d14\u8cc7\u7523\u3092\u65e2\u5b58\u682a\u4e3b\u3067\u5206\u3051\u305f\u969b\u306b1\u4eba\u5f53\u305f\u308a\u306e\u7d14\u8cc7\u7523\u304c\u5897\u52a0<\/b>\u3059\u308b\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"54,2,0,0\"><b data-path-to-node=\"54,2,0,0\" data-index-in-node=\"0\">PBR \u3061\u3087\u3046\u30691\u500d\u3067\u8cb7\u3044\u623b\u3057<\/b><\/span><\/td>\n<td><span data-path-to-node=\"54,2,1,0\"><b data-path-to-node=\"54,2,1,0\" data-index-in-node=\"0\">BPS\u306f\u5909\u308f\u3089\u306a\u3044<\/b><\/span><\/td>\n<td><span data-path-to-node=\"54,2,2,0\">\u7d14\u8cc7\u7523\u306e\u6e1b\u5c11\u7387\u3068\u682a\u6570\u306e\u6e1b\u5c11\u7387\u304c\u5b8c\u5168\u306b\u4e00\u81f4\u3059\u308b\u305f\u3081\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"54,3,0,0\"><b data-path-to-node=\"54,3,0,0\" data-index-in-node=\"0\">PBR 1\u500d\u8d85\uff08\u5272\u9ad8\uff09\u3067\u8cb7\u3044\u623b\u3057<\/b><\/span><\/td>\n<td><span data-path-to-node=\"54,3,1,0\"><b data-path-to-node=\"54,3,1,0\" data-index-in-node=\"0\">BPS\u306f\u4f4e\u4e0b\u3059\u308b<\/b><\/span><\/td>\n<td><span data-path-to-node=\"54,3,2,0\">1\u682a\u3042\u305f\u308a\u306e\u7d14\u8cc7\u7523\u984d\u4ee5\u4e0a\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u4fa1\u683c\u3092\u652f\u6255\u3063\u3066\u8cb7\u3044\u623b\u3059\u305f\u3081\u3001\u682a\u6570\u4ee5\u4e0a\u306e\u6bd4\u7387\u3067\u4f1a\u793e\u306e\u7d14\u8cc7\u7523\u304c\u76ee\u6e1b\u308a\u3059\u308b\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"55\"><span class=\"\">\u6771\u8a3c\u304cPBR1\u500d\u5272\u308c\u4f01\u696d\u306b\u5bfe\u3057\u3066\u81ea\u793e\u682a\u8cb7\u3044\u3092\u5f37\u304f\u4fc3\u3057\u305f\u6700\u5927\u306e\u6839\u62e0\u306f\u3053\u3053\u306b\u3042\u308a\u307e\u3059\u3002<\/span><span>PBR1\u500d\u5272\u308c\u306e\u4f01\u696d\u304c\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u3068\u3001<\/span><b data-path-to-node=\"55\" data-index-in-node=\"62\">EPS\u3060\u3051\u3067\u306a\u304fBPS\u307e\u3067\u3082\u304c\u81ea\u52d5\u7684\u306b\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b<\/b><span>\u305f\u3081\u3001<\/span><span>\u65e2\u5b58\u682a\u4e3b\u306b\u3068\u3063\u3066\u6975\u3081\u3066\u5408\u7406\u7684\u306a\u4fa1\u5024\u51dd\u7e2e\u304c\u8d77\u304d\u308b\u304b\u3089\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"57\">2-3. \u6307\u6a19\u5909\u5316\u306e\u5bfe\u6bd4\u7dcf\u62ec<\/h3>\n<table data-path-to-node=\"58\">\n<thead>\n<tr>\n<td><strong>\u8ca1\u52d9\u6307\u6a19<\/strong><\/td>\n<td><strong>\u5b9f\u65bd\u524d<\/strong><\/td>\n<td><strong>\u5b9f\u65bd\u5f8c<\/strong><\/td>\n<td><strong>\u6307\u6a19\u306e\u5909\u5316\u7387<\/strong><\/td>\n<td><strong>\u682a\u4e3b\u30fb\u6295\u8cc7\u5bb6\u76ee\u7dda\u3067\u306e\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"58,1,0,0\"><b data-path-to-node=\"58,1,0,0\" data-index-in-node=\"0\">\u5f53\u671f\u7d14\u5229\u76ca<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,1,1,0\">100\u5104\u5186<\/span><\/td>\n<td><span data-path-to-node=\"58,1,2,0\">100\u5104\u5186<\/span><\/td>\n<td><span data-path-to-node=\"58,1,3,0\">\u5909\u52d5\u306a\u3057<\/span><\/td>\n<td><span data-path-to-node=\"58,1,4,0\">\u696d\u7e3e\u305d\u306e\u3082\u306e\u306f\u5909\u308f\u3089\u306a\u3044<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"58,2,0,0\"><b data-path-to-node=\"58,2,0,0\" data-index-in-node=\"0\">\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,2,1,0\">1\u5104\u682a<\/span><\/td>\n<td><span data-path-to-node=\"58,2,2,0\">9,000\u4e07\u682a<\/span><\/td>\n<td><span data-path-to-node=\"58,2,3,0\"><b data-path-to-node=\"58,2,3,0\" data-index-in-node=\"0\">-10.0%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,2,4,0\">\u682a\u5f0f\u306e\u5e0c\u5c11\u6027\u304c\u5411\u4e0a<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"58,3,0,0\"><b data-path-to-node=\"58,3,0,0\" data-index-in-node=\"0\">\u7d14\u8cc7\u7523\uff08\u81ea\u5df1\u8cc7\u672c\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,3,1,0\">1,000\u5104\u5186<\/span><\/td>\n<td><span data-path-to-node=\"58,3,2,0\">900\u5104\u5186<\/span><\/td>\n<td><span data-path-to-node=\"58,3,3,0\"><b data-path-to-node=\"58,3,3,0\" data-index-in-node=\"0\">-10.0%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,3,4,0\">\u6ede\u7559\u8cc7\u91d1\u306e\u5727\u7e2e\u30fb\u30b9\u30ea\u30e0\u5316<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"58,4,0,0\"><b data-path-to-node=\"58,4,0,0\" data-index-in-node=\"0\">EPS\uff081\u682a\u5f53\u305f\u308a\u5229\u76ca\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,4,1,0\">100\u5186<\/span><\/td>\n<td><span data-path-to-node=\"58,4,2,0\"><b data-path-to-node=\"58,4,2,0\" data-index-in-node=\"0\">111.1\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,4,3,0\"><b data-path-to-node=\"58,4,3,0\" data-index-in-node=\"0\">+11.1%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,4,4,0\">\u6052\u4e45\u7684\u306a\u5229\u76ca\u914d\u5206\u984d\u306e\u62e1\u5927<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"58,5,0,0\"><b data-path-to-node=\"58,5,0,0\" data-index-in-node=\"0\">PER\uff08\u682a\u4fa11,000\u5186\u6642\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,5,1,0\">10.0\u500d<\/span><\/td>\n<td><span data-path-to-node=\"58,5,2,0\"><b data-path-to-node=\"58,5,2,0\" data-index-in-node=\"0\">9.0\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,5,3,0\">\u5272\u5b89\u5316<\/span><\/td>\n<td><span data-path-to-node=\"58,5,4,0\">\u30ea\u30ec\u30fc\u30c6\u30a3\u30f3\u30b0\uff08\u518d\u8a55\u4fa1\u8cb7\u3044\uff09\u306e\u8a98\u767a<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"58,6,0,0\"><b data-path-to-node=\"58,6,0,0\" data-index-in-node=\"0\">\u7406\u8ad6\u682a\u4fa1\uff08PER10\u500d\u5fa9\u5e30\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,6,1,0\">1,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"58,6,2,0\"><b data-path-to-node=\"58,6,2,0\" data-index-in-node=\"0\">1,111\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,6,3,0\"><b data-path-to-node=\"58,6,3,0\" data-index-in-node=\"0\">+11.1%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,6,4,0\">\u9700\u7d66\u3068\u6307\u6a19\u6539\u5584\u306b\u3088\u308b\u682a\u4fa1\u62bc\u3057\u4e0a\u3052<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"58,7,0,0\"><b data-path-to-node=\"58,7,0,0\" data-index-in-node=\"0\">ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,7,1,0\">10.0%<\/span><\/td>\n<td><span data-path-to-node=\"58,7,2,0\"><b data-path-to-node=\"58,7,2,0\" data-index-in-node=\"0\">11.1%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,7,3,0\"><b data-path-to-node=\"58,7,3,0\" data-index-in-node=\"0\">+1.11pt<\/b><\/span><\/td>\n<td><span data-path-to-node=\"58,7,4,0\">\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u6295\u8cc7\u57fa\u6e96\uff088\u301c10%\uff09\u3092\u30af\u30ea\u30a2<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"60\" class=\"\">\u7b2c3\u7ae0\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\uff08\u5149\u3068\u5f71\u306e\u5fb9\u5e95\u6bd4\u8f03\uff09<\/h2>\n<p data-path-to-node=\"61\"><span>\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001<\/span><span>\u682a\u4fa1\u306e\u4e0a\u6607\u3084\u8cc7\u672c\u52b9\u7387\u306e\u6539\u5584\u3092\u3082\u305f\u3089\u3059\u5f37\u529b\u306a\u624b\u6bb5\u3067\u3042\u308b\u4e00\u65b9\u3001<\/span><span>\u7d4c\u55b6\u5224\u65ad\u3092\u8aa4\u308c\u3070\u81f4\u547d\u7684\u306a\u4f01\u696d\u4fa1\u5024\u306e\u6bc0\u640d\u3092\u62db\u304d\u307e\u3059\u3002<\/span><span class=\"\">\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u306e\u53cc\u65b9\u3092\u5ba2\u89b3\u7684\u306b\u6bd4\u8f03\u30fb\u6574\u7406\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"62\">3-1. \u4f01\u696d\u3068\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e4\u5927\u30e1\u30ea\u30c3\u30c8<\/h3>\n<ol start=\"1\" data-path-to-node=\"63\">\n<li>\n<p data-path-to-node=\"63,0,0\"><b data-path-to-node=\"63,0,0\" data-index-in-node=\"0\">1\u682a\u5f53\u305f\u308a\u4fa1\u5024\uff08EPS\u30fbROE\uff09\u306e\u76f4\u63a5\u7684\u306a\u5f15\u304d\u4e0a\u3052<\/b><\/p>\n<p data-path-to-node=\"63,0,1\"><span>\u524d\u7ae0\u3067\u8a73\u8ff0\u3057\u305f\u901a\u308a\u3001<\/span><span>\u4e8b\u696d\u5229\u76ca\u3092\u4f38\u3070\u3059\u306b\u306f\u6642\u9593\u3068\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u304c\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u306f\u4f1a\u8a08\u7684\u30fb\u69cb\u9020\u7684\u306b1\u682a\u5f53\u305f\u308a\u306e\u5229\u76ca\u3068\u8cc7\u672c\u52b9\u7387\u3092\u5373\u5ea7\u306b\u5f15\u304d\u4e0a\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"63,1,0\"><b data-path-to-node=\"63,1,0\" data-index-in-node=\"0\">\u5e02\u5834\u306b\u304a\u3051\u308b\u76f4\u63a5\u7684\u306a\u8cb7\u3044\u652f\u3048\u3068\u6d41\u52d5\u6027\u4f9b\u7d66<\/b><\/p>\n<p data-path-to-node=\"63,1,1\"><span>\u6570\u304b\u6708\u304b\u30891\u5e74\u8fd1\u304f\u306b\u308f\u305f\u308a\u3001<\/span><span>\u4f01\u696d\u81ea\u8eab\u304c\u6bce\u65e5\u6570\u5341\u5104\u301c\u6570\u767e\u5104\u5186\u898f\u6a21\u306e\u8cb7\u3044\u6ce8\u6587\u3092\u5e02\u5834\u306b\u6295\u3058\u308b\u305f\u3081\u3001<\/span><span>\u5730\u5408\u3044\u304c\u60aa\u5316\u3057\u305f\u5c40\u9762\u3067\u3082\u682a\u4fa1\u304c\u5927\u5e45\u306b\u4e0b\u304c\u308a\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"63,2,0\"><b data-path-to-node=\"63,2,0\" data-index-in-node=\"0\">\u7d4c\u55b6\u9663\u304b\u3089\u306e\u300c\u5f37\u6c17\u30b7\u30b0\u30ca\u30eb\u300d\u306e\u767a\u4fe1<\/b><\/p>\n<p data-path-to-node=\"63,2,1\"><span class=\"\">\u4f1a\u793e\u3092\u6700\u3082\u3088\u304f\u77e5\u308b\u7d4c\u55b6\u9663\u304c\u81ea\u793e\u306e\u8cc7\u91d1\u3092\u6295\u3058\u3066\u81ea\u793e\u682a\u3092\u8cb7\u3046\u884c\u70ba\u306f\u3001<\/span><span class=\"\">\u300c\u73fe\u5728\u306e\u5e02\u5834\u682a\u4fa1\u306f\u5f53\u793e\u306e\u771f\u306e\u4f01\u696d\u4fa1\u5024\u306b\u5bfe\u3057\u3066\u5272\u5b89\u3059\u304e\u308b\u300d\u3068\u3044\u3046\u5f37\u3044\u81ea\u4fe1\u306e\u8868\u660e\uff08\u30b7\u30b0\u30ca\u30ea\u30f3\u30b0\uff09\u3068\u3057\u3066\u53d7\u3051\u6b62\u3081\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"63,3,0\"><b data-path-to-node=\"63,3,0\" data-index-in-node=\"0\">\u8cc7\u672c\u653f\u7b56\u306e\u67d4\u8edf\u6027\uff08\u6a5f\u52d5\u7684\u306a\u9084\u5143\uff09<\/b><\/p>\n<p data-path-to-node=\"63,3,1\"><span class=\"\">\u914d\u5f53\u3068\u7570\u306a\u308a\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u306f\u300c\u4e00\u56de\u9650\u308a\u300d\u3067\u7d42\u4e86\u3057\u3066\u3082\u5e02\u5834\u304b\u3089\u53b3\u3057\u3044\u975e\u96e3\u3092\u53d7\u3051\u306b\u304f\u3044\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/span><span>\u4e00\u6642\u7684\u306a\u4f59\u5270\u8cc7\u91d1\u3092\u52b9\u7387\u3088\u304f\u5e02\u5834\u306b\u9084\u6d41\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"65\">3-2. \u898b\u843d\u3068\u3057\u3066\u306f\u306a\u3089\u306a\u30445\u5927\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u30ea\u30b9\u30af<\/h3>\n<h4 data-path-to-node=\"66\">\u2460 \u9ad8\u5024\u63b4\u307f\u306b\u3088\u308b\u300c\u8cc7\u672c\u306e\u7834\u58ca\uff08Capital Destruction\uff09\u300d<\/h4>\n<p data-path-to-node=\"67\"><span>\u81ea\u793e\u682a\u8cb7\u3044\u306b\u304a\u3051\u308b\u6700\u5927\u306e\u5931\u6557\u306f\u3001<\/span><b data-path-to-node=\"67\" data-index-in-node=\"16\">\u682a\u4fa1\u304c\u6b74\u53f2\u7684\u9ad8\u5024\u306b\u3042\u308b\u597d\u6cc1\u671f\u306b\u8cb7\u3044\u623b\u3057\u3092\u884c\u3044\u3001\u305d\u306e\u5f8c\u306e\u4e0d\u6cc1\u671f\u306b\u682a\u4fa1\u304c\u66b4\u843d\u3059\u308b\u30b1\u30fc\u30b9<\/b><span>\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"68\"><span>\u597d\u6cc1\u671f\u306f\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u304c\u6700\u3082\u6f64\u6ca2\u306b\u306a\u308a\u3001<\/span><span>\u7d4c\u55b6\u9663\u306e\u6c17\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/span><span>\u672c\u6765\u306e\u4f01\u696d\u4fa1\u5024\uff08\u672c\u8cea\u4fa1\u5024\uff09\u3092\u5927\u5e45\u306b\u4e0a\u56de\u308b\u5272\u9ad8\u306a\u682a\u4fa1\u3067\u81ea\u793e\u682a\u3092\u8cb7\u3044\u96c6\u3081\u308b\u3053\u3068\u306f\u3001<\/span><span>\u65e2\u5b58\u682a\u4e3b\u306e\u5171\u6709\u8cc7\u7523\u3092\u5e02\u5834\u306e\u58f2\u308a\u624b\u306b\u5272\u9ad8\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u3057\u3066\u6d41\u51fa\u3055\u305b\u308b\u884c\u70ba\u3067\u3042\u308a\u3001<\/span><span>\u7d4c\u6e08\u5b66\u7684\u306b\u306f\u300c\u682a\u4e3b\u8cc7\u672c\u3092\u30c9\u30d6\u306b\u6368\u3066\u3066\u3044\u308b\uff08\u8cc7\u672c\u306e\u7834\u58ca\uff09\u300d\u306b\u7b49\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"69\">\u2461 \u6210\u9577\u6295\u8cc7\uff08\u8a2d\u5099\u30fbR&amp;D\u30fb\u4eba\u6750\u30fbM&amp;A\uff09\u306e\u6a5f\u4f1a\u640d\u5931<\/h4>\n<p data-path-to-node=\"70\"><span>\u304a\u91d1\u306f\u6709\u9650\u3067\u3059\u3002<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u306b1\u5146\u5186\u3092\u6295\u3058\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001<\/span><span>\u300c1\u5146\u5186\u3092\u6295\u3058\u308b\u3079\u304d\u9b45\u529b\u7684\u306a\u65b0\u898f\u4e8b\u696d\u3001<\/span><span>\u518d\u751f\u53ef\u80fd\u30a8\u30cd\u30eb\u30ae\u30fc\u6295\u8cc7\u3001<\/span><span>DX\u6295\u8cc7\u3001<\/span><span>\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u5f37\u5316\u3001<\/span><span>\u4eba\u6750\u6295\u8cc7\u304c\u793e\u5185\u306b\u898b\u5f53\u305f\u3089\u306a\u304b\u3063\u305f\u300d\u3068\u3044\u3046\u6d88\u6975\u7684\u306a\u30e1\u30c3\u30bb\u30fc\u30b8\u306b\u306a\u308a\u5f97\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"71\"><span>\u7af6\u5408\u4f01\u696d\u304c\u679c\u6562\u306b\u6210\u9577\u6295\u8cc7\u3092\u884c\u3044\u6b21\u4e16\u4ee3\u306e\u5e02\u5834\u3092\u62bc\u3055\u3048\u3066\u3044\u308b\u9593\u306b\u3001<\/span><span class=\"\">\u81ea\u793e\u682a\u8cb7\u3044\u3070\u304b\u308a\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u914d\u5206\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u3001<\/span><span>5\u5e74\u5f8c\u30fb10\u5e74\u5f8c\u306b\u7af6\u4e89\u529b\u3092\u5b8c\u5168\u306b\u5931\u3046\u30ea\u30b9\u30af\u3092\u5b55\u3093\u3067\u3044\u307e\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"72\">\u2462 \u4e0d\u6cc1\u8010\u6027\uff08\u8ca1\u52d9\u30d0\u30c3\u30d5\u30a1\u30fc\uff09\u306e\u4f4e\u4e0b<\/h4>\n<p data-path-to-node=\"73\"><span>\u624b\u5143\u73fe\u91d1\u3092\u653e\u51fa\u3057\u3066\u7d14\u8cc7\u7523\u3092\u30b9\u30ea\u30e0\u5316\u3059\u308b\u3053\u3068\u306f\u3001<\/span><span>\u5e73\u6642\u306b\u306fROE\u3092\u62bc\u3057\u4e0a\u3052\u307e\u3059\u304c\u3001<\/span><b data-path-to-node=\"73\" data-index-in-node=\"39\">\u7a81\u767a\u7684\u306a\u91d1\u878d\u5371\u6a5f\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u3001\u8cc7\u6e90\u5e02\u6cc1\u306e\u6025\u843d\u306a\u3069\u306e\u30de\u30af\u30ed\u30b7\u30e7\u30c3\u30af\u304c\u8d77\u304d\u305f\u969b\u3001\u4f01\u696d\u306e\u9632\u58c1\u3092\u8584\u304f\u3057\u307e\u3059<\/b><span>\u3002<\/span><span>\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c\u4f4e\u4e0b\u3057\u3059\u304e\u305f\u4f01\u696d\u306f\u3001<\/span><span>\u4fe1\u7528\u683c\u4ed8\u3051\u6a5f\u95a2\u304b\u3089\u683c\u4e0b\u3052\u3092\u53d7\u3051\u3001<\/span><span>\u5c06\u6765\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\uff08\u793e\u50b5\u3084\u9280\u884c\u501f\u5165\u306e\u91d1\u5229\uff09\u304c\u6025\u9a30\u3059\u308b\u5371\u967a\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"74\">\u2463 \u7d4c\u55b6\u9663\u306e\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u306e\u6b6a\u307f\uff08\u30e2\u30e9\u30eb\u30cf\u30b6\u30fc\u30c9\uff09<\/h4>\n<p data-path-to-node=\"75\"><span>\u6b27\u7c73\u3084\u65e5\u672c\u306e\u4e00\u90e8\u4e0a\u5834\u4f01\u696d\u3067\u554f\u984c\u8996\u3055\u308c\u3066\u3044\u308b\u306e\u304c\u3001<\/span><span>\u5f79\u54e1\u5831\u916c\u4f53\u7cfb\u3068\u306e\u7652\u7740\u3067\u3059\u3002<\/span><span class=\"\">\u7d4c\u55b6\u9663\u306e\u30dc\u30fc\u30ca\u30b9\u304c\u300cEPS\u6210\u9577\u7387\u300d\u3084\u300cROE\u76ee\u6a19\u300d\u300c\u682a\u4fa1\u9023\u52d5\u300d\u306b\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u3001<\/span><b data-path-to-node=\"75\" data-index-in-node=\"79\">\u672c\u696d\u306e\u6210\u9577\u52aa\u529b\u3092\u6020\u308a\u3001\u624b\u3063\u53d6\u308a\u65e9\u304f\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3063\u3066\u6570\u5024\u3092\u9054\u6210\u3057\u3001\u591a\u984d\u306e\u5f79\u54e1\u5831\u916c\u3092\u53d7\u3051\u53d6\u3063\u3066\u9000\u4efb\u3059\u308b<\/b><span>\u3068\u3044\u3046\u30e2\u30e9\u30eb\u30cf\u30b6\u30fc\u30c9\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span>\u7d4c\u55b6\u9663\u81ea\u8eab\u304c\u4fdd\u6709\u3059\u308b\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u884c\u4f7f\u30fb\u58f2\u5374\u3059\u308b\u76f4\u524d\u306b\u81ea\u793e\u682a\u8cb7\u3044\u3092\u767a\u8868\u3057\u3001<\/span><span>\u4eba\u70ba\u7684\u306b\u682a\u4fa1\u3092\u540a\u308a\u4e0a\u3052\u308b\u300c\u682a\u4fa1\u64cd\u4f5c\u7684\u306a\u7591\u5ff5\u300d\u3092\u6301\u305f\u308c\u308b\u30ea\u30b9\u30af\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"76\">\u2464 \u501f\u5165\u306b\u3088\u308b\u81ea\u793e\u682a\u8cb7\u3044\uff08\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30d0\u30c3\u30af\uff09\u306e\u8106\u5f31\u6027<\/h4>\n<p data-path-to-node=\"77\"><span>\u4f4e\u91d1\u5229\u74b0\u5883\u4e0b\u3067\u3001<\/span><span>\u624b\u5143\u73fe\u91d1\u3067\u306f\u306a\u304f\u300c\u793e\u50b5\u767a\u884c\u3084\u9280\u884c\u304b\u3089\u306e\u501f\u5165\u91d1\u300d\u3092\u539f\u8cc7\u306b\u3057\u3066\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u624b\u6cd5\u3067\u3059\u3002<\/span><span>\u91d1\u5229\u304c\u4e0a\u6607\u5c40\u9762\u306b\u5165\u308b\u3068\u5229\u6255\u3044\u8ca0\u62c5\u304c\u6025\u5897\u3057\u307e\u3059\u3002<\/span><b data-path-to-node=\"77\" data-index-in-node=\"73\">\u8cb7\u3044\u623b\u3057\u305f\u682a\u5f0f\u306f\u4f55\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u3082\u751f\u307f\u51fa\u3055\u306a\u3044\u305f\u3081\u3001\u91cd\u3044\u501f\u91d1\u3060\u3051\u304c\u4f1a\u793e\u306b\u6b8b\u308a\u3001\u6700\u60aa\u306e\u5834\u5408\u306f\u50b5\u52d9\u8d85\u904e\u3084\u7d4c\u55b6\u7834\u7dbb\u306e\u5f15\u304d\u91d1<\/b><span class=\"\">\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"79\">3-3. \u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u5bfe\u6bd4\u30de\u30c8\u30ea\u30af\u30b9<\/h3>\n<table data-path-to-node=\"80\">\n<thead>\n<tr>\n<td><strong>\u6bd4\u8f03\u9805\u76ee<\/strong><\/td>\n<td><strong>\u30e1\u30ea\u30c3\u30c8\uff08\u5149\uff09<\/strong><\/td>\n<td><strong>\u30c7\u30e1\u30ea\u30c3\u30c8\u30fb\u30ea\u30b9\u30af\uff08\u5f71\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"80,1,0,0\"><b data-path-to-node=\"80,1,0,0\" data-index-in-node=\"0\">\u8ca1\u52d9\u6307\u6a19<\/b><\/span><\/td>\n<td><span data-path-to-node=\"80,1,1,0\">EPS\u306e\u4e0a\u6607\u3001ROE\u306e\u6539\u5584\u3001PER\u306e\u5272\u5b89\u5316<\/span><\/td>\n<td><span data-path-to-node=\"80,1,2,0\">\u7d14\u8cc7\u7523\u30fb\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306e\u4f4e\u4e0b\u3001\u4e0d\u6cc1\u8010\u6027\u306e\u60aa\u5316<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"80,2,0,0\"><b data-path-to-node=\"80,2,0,0\" data-index-in-node=\"0\">\u682a\u4fa1\u30fb\u9700\u7d66<\/b><\/span><\/td>\n<td><span data-path-to-node=\"80,2,1,0\">\u65e5\u3005\u306e\u5b9f\u9700\u8cb7\u3044\u3001\u5f37\u70c8\u306a\u4e0b\u5024\u652f\u6301\u52b9\u679c<\/span><\/td>\n<td><span data-path-to-node=\"80,2,2,0\">\u7d42\u4e86\u76f4\u5f8c\u306e\u9700\u8981\u6d88\u5931\uff08\u30a8\u30a2\u30dd\u30b1\u30c3\u30c8\uff09\u3001\u5272\u9ad8\u53d6\u5f97\u30ea\u30b9\u30af<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"80,3,0,0\"><b data-path-to-node=\"80,3,0,0\" data-index-in-node=\"0\">\u7d4c\u55b6\u30e1\u30c3\u30bb\u30fc\u30b8<\/b><\/span><\/td>\n<td><span data-path-to-node=\"80,3,1,0\">\u300c\u81ea\u793e\u682a\u306f\u5272\u5b89\u300d\u300c\u8cc7\u672c\u52b9\u7387\u3092\u91cd\u8996\u3057\u3066\u3044\u308b\u300d<\/span><\/td>\n<td><span data-path-to-node=\"80,3,2,0\">\u300c\u5c06\u6765\u306e\u6709\u671b\u306a\u6210\u9577\u6295\u8cc7\u5148\u304c\u306a\u3044\u300d\u3068\u898b\u306a\u3055\u308c\u308b\u61f8\u5ff5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"80,4,0,0\"><b data-path-to-node=\"80,4,0,0\" data-index-in-node=\"0\">\u30ac\u30d0\u30ca\u30f3\u30b9<\/b><\/span><\/td>\n<td><span data-path-to-node=\"80,4,1,0\">\u4f59\u5270\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u6ede\u7559\uff08\u7121\u99c4\u9063\u3044\uff09\u3092\u9632\u6b62<\/span><\/td>\n<td><span data-path-to-node=\"80,4,2,0\">\u7d4c\u55b6\u9663\u304c\u81ea\u8eab\u306e\u5831\u916c\u30fb\u682a\u4fa1\u540a\u308a\u4e0a\u3052\u306b\u60aa\u7528\u3059\u308b\u30ea\u30b9\u30af<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"80,5,0,0\"><b data-path-to-node=\"80,5,0,0\" data-index-in-node=\"0\">\u4e8b\u696d\u5c55\u958b<\/b><\/span><\/td>\n<td><span data-path-to-node=\"80,5,1,0\">\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u3057\u305f\u7b4b\u8089\u8cea\u306a\u7d4c\u55b6\u3078\u306e\u8ee2\u63db<\/span><\/td>\n<td><span data-path-to-node=\"80,5,2,0\">\u8a2d\u5099\u6295\u8cc7\u3084\u7814\u7a76\u958b\u767a\u306e\u5148\u9001\u308a\u306b\u4f34\u3046\u7af6\u4e89\u529b\u4f4e\u4e0b<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 data-path-to-node=\"82\" class=\"\">\u7b2c4\u7ae0\uff1a\u81ea\u793e\u682a\u8cb7\u3044 vs \u5897\u914d\uff1a\u4f01\u696d\u5074\u306e\u610f\u56f3\u306e\u9055\u3044<\/h2>\n<p data-path-to-node=\"83\"><span>\u4f01\u696d\u304c\u624b\u5143\u306e\u4f59\u5270\u5229\u76ca\u3092\u682a\u4e3b\u306b\u9084\u5143\u3057\u3088\u3046\u3068\u6c7a\u65ad\u3057\u305f\u969b\u3001<\/span><span>\u306a\u305c\u300c\u5897\u914d\uff08\u914d\u5f53\u91d1\u306e\u5f15\u304d\u4e0a\u3052\uff09\u300d\u3067\u306f\u306a\u304f\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u3092\u9078\u3076\u306e\u304b\u3001<\/span><span>\u3042\u308b\u3044\u306f\u305d\u306e\u9006\u3092\u9078\u3076\u306e\u304b\u3002<\/span><span>\u305d\u3053\u306b\u306f\u7d4c\u55b6\u9663\u306e\u8a08\u7b97\u3055\u308c\u305f\u610f\u56f3\u3068\u30b7\u30b0\u30ca\u30ea\u30f3\u30b0\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c1952861238=\"\" class=\"ng-tns-c1952861238-273 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c1952861238=\"\" class=\"code-block ng-tns-c1952861238-273 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl8wODUzZjIxM2U3YTE4YmJjIiwiY19hOWNhMzY4YmFiZjk1Yzg4IixudWxsLCJyY182YTg1ZmIzODk2MjJjOTZkIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c1952861238=\"\" class=\"formatted-code-block-internal-container ng-tns-c1952861238-273\">\n<div _ngcontent-ng-c1952861238=\"\" class=\"animated-opacity ng-tns-c1952861238-273\">\n<pre _ngcontent-ng-c1952861238=\"\" class=\"ng-tns-c1952861238-273\"><code _ngcontent-ng-c1952861238=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c1952861238-273 no-decoration-radius\">\u3010\u682a\u4e3b\u9084\u5143\u306e\u610f\u601d\u6c7a\u5b9a\u30d5\u30ed\u30fc\u3011\r\n                 \u250c\u2500\u2500 \u6052\u4e45\u7684\u306a\u5229\u76ca\u6210\u9577\u306b\u78ba\u4fe1\u304c\u3042\u308b \u2500\u2500\u2192 \u3010 \u5897 \u914d \u3011\uff08\u6e1b\u914d\u3067\u304d\u306a\u3044\u5f37\u3044\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\uff09\r\n\u624b\u5143\u8cc7\u91d1\u306e\u914d\u5206 \u2500\u2500\u2524\r\n                 \u2514\u2500\u2500 \u4e00\u6642\u7684\u4f59\u5270 \/ \u682a\u4fa1\u306e\u904e\u5c0f\u8a55\u4fa1\u662f\u6b63 \u2500\u2500\u2192 \u3010\u81ea\u793e\u682a\u8cb7\u3044\u3011\uff08\u6a5f\u52d5\u7684\u30fb1\u682a\u4fa1\u5024\u306e\u51dd\u7e2e\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"85\">4-1. \u8cc7\u91d1\u306e\u6027\u8cea\u306e\u9055\u3044\uff1a\u4e00\u6642\u7684\u306a\u4f59\u5270 vs \u6052\u5e38\u7684\u306a\u7a3c\u3050\u529b<\/h3>\n<ul data-path-to-node=\"86\">\n<li>\n<p data-path-to-node=\"86,0,0\"><b data-path-to-node=\"86,0,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u3092\u9078\u3076\u610f\u56f3\uff1a\u4e00\u904e\u6027\u306e\u5229\u76ca\u3092\u6a5f\u52d5\u7684\u306b\u5410\u304d\u51fa\u3057\u305f\u3044<\/b><\/p>\n<p data-path-to-node=\"86,0,1\"><span>\u8cc7\u7523\u58f2\u5374\u76ca\u3001<\/span><span>\u653f\u7b56\u4fdd\u6709\u682a\u306e\u7e2e\u6e1b\u76ca\u3001<\/span><span>\u8cc7\u6e90\u9ad8\u3084\u70ba\u66ff\u306e\u6069\u6075\u306b\u3088\u308b\u4e00\u6642\u7684\u306a\u6700\u9ad8\u76ca\u306a\u3069\u3001<\/span><span>\u300c\u4eca\u5e74\u5ea6\u306f\u624b\u5143\u8cc7\u91d1\u304c\u6f64\u6ca2\u306b\u3042\u308b\u304c\u3001<\/span><span>\u6765\u671f\u4ee5\u964d\u3082\u540c\u3058\u6c34\u6e96\u306e\u5229\u76ca\u304c\u7d9a\u304f\u4fdd\u8a3c\u306f\u306a\u3044\u300d\u3068\u3044\u3046\u5c40\u9762\u3067\u81ea\u793e\u682a\u8cb7\u3044\u304c\u9078\u3070\u308c\u307e\u3059\u3002<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u306f1\u56de\u5b9f\u65bd\u3057\u3066\u67a0\u3092\u4f7f\u3044\u5207\u308c\u3070\u7d42\u4e86\u3067\u304d\u308b\u305f\u3081\u3001<\/span><span>\u5c06\u6765\u306e\u8cc7\u91d1\u7e70\u308a\u3092\u7e1b\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"86,1,0\"><b data-path-to-node=\"86,1,0\" data-index-in-node=\"0\">\u5897\u914d\u3092\u9078\u3076\u610f\u56f3\uff1a\u4e2d\u9577\u671f\u7684\u306a\u53ce\u76ca\u57fa\u76e4\u306e\u62e1\u5927\u306b\u5f37\u3044\u81ea\u4fe1\u304c\u3042\u308b<\/b><\/p>\n<p data-path-to-node=\"86,1,1\"><span>\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3044\u3066\u300c\u6e1b\u914d\uff08\u914d\u5f53\u3092\u6e1b\u3089\u3059\u3053\u3068\uff09\u300d\u306f\u3001<\/span><span>\u4f01\u696d\u306e\u696d\u7e3e\u60aa\u5316\u3092\u793a\u3059\u6700\u60aa\u306e\u30cd\u30ac\u30c6\u30a3\u30d6\u30b7\u30b0\u30ca\u30eb\u3068\u307f\u306a\u3055\u308c\u307e\u3059\u3002<\/span><span>\u305d\u306e\u305f\u3081\u3001<\/span><span>\u7d4c\u55b6\u9663\u304c\u5897\u914d\u306b\u8e0f\u307f\u5207\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001<\/span><span>\u300c\u3053\u306e\u9ad8\u3044\u914d\u5f53\u6c34\u6e96\u3092\u3001<\/span><span>\u4eca\u5f8c\u6570\u5e74\u9593\u306b\u308f\u305f\u308a\u7d99\u7d9a\u3057\u3066\u652f\u6255\u3044\u7d9a\u3051\u3089\u308c\u308b\u3060\u3051\u306e\u6052\u4e45\u7684\u306a\u7a3c\u3050\u529b\u304c\u8eab\u306b\u3064\u3044\u305f\u300d\u3068\u3044\u3046\u5f37\u3044\u81ea\u4fe1\u306e\u8868\u660e\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"87\">4-2. \u682a\u4fa1\u306b\u5bfe\u3059\u308b\u30e1\u30c3\u30bb\u30fc\u30b8\u3068\u6295\u8cc7\u5bb6\u5c64\u306e\u9055\u3044<\/h3>\n<ul data-path-to-node=\"88\">\n<li>\n<p data-path-to-node=\"88,0,0\"><b data-path-to-node=\"88,0,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30e1\u30c3\u30bb\u30fc\u30b8\uff1a\u300c\u4eca\u306e\u5f53\u793e\u306e\u682a\u4fa1\u306f\u5b9f\u529b\u3088\u308a\u5b89\u3059\u304e\u308b\u300d<\/b><\/p>\n<p data-path-to-node=\"88,0,1\"><span>\u7d4c\u55b6\u9663\u304c\u5e02\u5834\u4fa1\u683c\u3067\u81ea\u793e\u682a\u3092\u8cb7\u3046\u884c\u70ba\u306f\u3001<\/span><span>\u682a\u4fa1\u306e\u5272\u5b89\u611f\u3092\u662f\u6b63\u3057\u3001<\/span><span>\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\uff08\u5024\u4e0a\u304c\u308a\u76ca\uff09\u3092\u91cd\u8996\u3059\u308b\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u3084\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u30a2\u30d4\u30fc\u30eb\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"88,1,0\"><b data-path-to-node=\"88,1,0\" data-index-in-node=\"0\">\u5897\u914d\u306e\u30e1\u30c3\u30bb\u30fc\u30b8\uff1a\u300c\u9577\u671f\u4fdd\u6709\u3057\u3066\u304f\u308c\u308b\u5b89\u5b9a\u682a\u4e3b\u3068\u6b69\u307f\u305f\u3044\u300d<\/b><\/p>\n<p data-path-to-node=\"88,1,1\"><span>\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\uff08\u914d\u5f53\u53ce\u5165\uff09\u3092\u91cd\u8996\u3059\u308b\u500b\u4eba\u6295\u8cc7\u5bb6\u3084\u5e74\u91d1\u57fa\u91d1\u3001<\/span><span>\u4fe1\u8a17\u9280\u884c\u306a\u3069\u306e\u9577\u671f\u4fdd\u6709\u682a\u4e3b\u3092\u60f9\u304d\u3064\u3051\u307e\u3059\u3002<\/span><span>\u7279\u306b\u300c\u7d2f\u9032\u914d\u5f53\uff08\u6e1b\u914d\u3092\u305b\u305a\u3001<\/span><span>\u914d\u5f53\u3092\u7dad\u6301\u307e\u305f\u306f\u5897\u984d\u3057\u7d9a\u3051\u308b\u65b9\u91dd\uff09\u300d\u3092\u63b2\u3052\u308b\u4f01\u696d\u306b\u306f\u3001<\/span><span>\u5b89\u5b9a\u3057\u305f\u9577\u671f\u8cc7\u91d1\u304c\u5b9a\u7740\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"89\">4-3. \u5b9f\u884c\u7fa9\u52d9\u306e\u62d8\u675f\u529b\uff08\u7d4c\u55b6\u306e\u30d5\u30ea\u30fc\u30cf\u30f3\u30c9\uff09<\/h3>\n<ul data-path-to-node=\"90\">\n<li>\n<p data-path-to-node=\"90,0,0\"><b data-path-to-node=\"90,0,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\uff1a\u9014\u4e2d\u3067\u3084\u3081\u308b\u81ea\u7531\u304c\u3042\u308b<\/b><\/p>\n<p data-path-to-node=\"90,0,1\"><span>\u300c\u4e0a\u96501\u5146\u5186\u306e\u81ea\u793e\u682a\u8cb7\u3044\u67a0\u3092\u8a2d\u5b9a\u300d\u3068\u767a\u8868\u3057\u3066\u3082\u3001<\/span><span>\u305d\u308c\u306f\u300c1\u5146\u5186\u307e\u3067\u8cb7\u3063\u3066\u3088\u3044\u6a29\u9650\u3092\u53d6\u7de0\u5f79\u4f1a\u3067\u6c7a\u8b70\u3057\u305f\u300d\u3068\u3044\u3046\u610f\u5473\u306b\u904e\u304e\u307e\u305b\u3093\u3002<\/span><span>\u9014\u4e2d\u3067\u76f8\u5834\u5168\u4f53\u304c\u30af\u30e9\u30c3\u30b7\u30e5\u3057\u3066\u8cc7\u91d1\u78ba\u4fdd\u3092\u512a\u5148\u3057\u305f\u304f\u306a\u3063\u305f\u308a\u3001<\/span><span>\u682a\u4fa1\u304c\u6025\u9a30\u3057\u3066\u5272\u5b89\u611f\u304c\u6d88\u3048\u305f\u5834\u5408\u3001<\/span><b data-path-to-node=\"90,0,1\" data-index-in-node=\"110\">\u4f01\u696d\u306f\u8cb7\u4ed8\u67a0\u3092\u672a\u6d88\u5316\u306e\u307e\u307e\u9014\u4e2d\u3067\u7d42\u4e86\u3059\u308b\u3053\u3068\u304c\u6cd5\u7684\u306b\u53ef\u80fd<\/b><span>\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"90,1,0\"><b data-path-to-node=\"90,1,0\" data-index-in-node=\"0\">\u5897\u914d\uff1a\u4e00\u5ea6\u7d04\u675f\u3057\u305f\u3089\u539f\u5247\u3068\u3057\u3066\u5b88\u308b\u7fa9\u52d9\u304c\u3042\u308b<\/b><\/p>\n<p data-path-to-node=\"90,1,1\"><span>\u671f\u521d\u306b\u516c\u8868\u3057\u305f\u5e74\u9593\u914d\u5f53\u4e88\u60f3\u306f\u3001<\/span><span>\u4f59\u7a0b\u306e\u4e0d\u7965\u4e8b\u3084\u6025\u6fc0\u306a\u8d64\u5b57\u8ee2\u843d\u304c\u306a\u3044\u9650\u308a\u6b7b\u5b88\u3057\u3088\u3046\u3068\u52aa\u3081\u307e\u3059\u3002<\/span><span>\u7d4c\u55b6\u9663\u306b\u3068\u3063\u3066\u306f\u9000\u8def\u3092\u65ad\u3064\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<h2 data-path-to-node=\"92\">\u7b2c5\u7ae0\uff1a\u5e02\u5834\u306b\u304a\u3051\u308b\u682a\u4fa1\u306e\u5024\u52d5\u304d\u30c0\u30a4\u30ca\u30df\u30af\u30b9\u3068\u300c\u7d42\u4e86\u5f8c\u306e\u9700\u7d66\u53cd\u52d5\u300d<\/h2>\n<p data-path-to-node=\"93\"><span class=\"\">\u81ea\u793e\u682a\u8cb7\u3044\u304c\u767a\u8868\u3055\u308c\u3066\u304b\u3089\u7d42\u4e86\u3059\u308b\u307e\u3067\u306e\u671f\u9593\u3001<\/span><span>\u305d\u3057\u3066\u7d42\u4e86\u3057\u305f\u76f4\u5f8c\u3001<\/span><span>\u5e02\u5834\u3067\u306f\u3069\u306e\u3088\u3046\u306a\u5024\u52d5\u304d\u3068\u9700\u7d66\u306e\u5909\u5316\u304c\u8d77\u304d\u308b\u306e\u304b\u3092\u6642\u7cfb\u5217\u3067\u89e3\u5256\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"94\">5-1. \u5b9f\u65bd\u671f\u9593\u4e2d\u306e\u5024\u52d5\u304d\uff1a\u65e5\u3005\u306e\u5b9f\u9700\u8cb7\u3044\u3068\u4e0b\u5024\u306e\u5805\u3055<\/h3>\n<p data-path-to-node=\"95\"><span>\u4e09\u83f1\u5546\u4e8b\u306e\u4f8b\u306e\u3088\u3046\u306b\u3001<\/span><span>2026\u5e7411\u6708\u304b\u30892027\u5e747\u6708\u307e\u3067\u306e\u7d049\u304b\u6708\u9593\u306b\u308f\u305f\u308a1\u5146\u5186\u3092\u8cb7\u3044\u4ed8\u3051\u308b\u5834\u5408\u3001<\/span><span>\u5e02\u5834\u306b\u306f\u6975\u3081\u3066\u5f37\u529b\u306a\u300c\u9700\u7d66\u306e\u6b6a\u307f\u300d\u304c\u751f\u3058\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"96\">\n<li>\n<p data-path-to-node=\"96,0,0\"><b data-path-to-node=\"96,0,0\" data-index-in-node=\"0\">1\u65e5\u3042\u305f\u308a\u7d0450\u5104\u301c60\u5104\u5186\u306e\u5b9f\u9700\u8cb7\u3044<\/b><\/p>\n<p data-path-to-node=\"96,0,1\"><span>\u55b6\u696d\u65e5\u30d9\u30fc\u30b9\u3067\u8a08\u7b97\u3059\u308b\u3068\u3001<\/span><span>\u4fe1\u8a17\u9280\u884c\u306a\u3069\u3092\u901a\u3058\u3066\u6bce\u65e5\u6570\u4e07\u301c\u6570\u5341\u4e07\u682a\u5358\u4f4d\u306e\u8cb7\u3044\u6ce8\u6587\u304c\u5e02\u5834\u306b\u6295\u3058\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"96,1,0\"><b data-path-to-node=\"96,1,0\" data-index-in-node=\"0\">\u4e0b\u5024\u62b5\u6297\u529b\uff08\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u6027\uff09\u306e\u7372\u5f97<\/b><\/p>\n<p data-path-to-node=\"96,1,1\"><span>\u7c73\u56fd\u5e02\u5834\u306e\u91d1\u5229\u52d5\u5411\u3084\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306a\u3069\u3067\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u304c500\u5186\u3001<\/span><span>1,<\/span><span>000\u5186\u3068\u6025\u843d\u3059\u308b\u3088\u3046\u306a\u65e5\u3067\u3042\u3063\u3066\u3082\u3001<\/span><span>\u4f1a\u793e\u5074\u306e\u8cb7\u3044\u6ce8\u6587\u304c\u30af\u30c3\u30b7\u30e7\u30f3\u3068\u306a\u308a\u3001<\/span><span>\u4ed6\u9298\u67c4\u3068\u6bd4\u8f03\u3057\u3066\u4e0b\u843d\u5e45\u304c\u6975\u3081\u3066\u9650\u5b9a\u7684\u306b\u306a\u308b\uff08\u4e0b\u5024\u304c\u975e\u5e38\u306b\u5805\u3044\uff09\u3068\u3044\u3046\u7279\u5fb4\u304c\u73fe\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"97\">5-2. \u8cb7\u3044\u4ed8\u3051\u7d42\u4e86\u76f4\u5f8c\u306e\u843d\u3068\u3057\u7a74\uff1a\u300c\u9700\u7d66\u30a8\u30a2\u30dd\u30b1\u30c3\u30c8\u300d<\/h3>\n<p data-path-to-node=\"98\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u6295\u8cc7\u5bb6\u304c\u6700\u3082\u8b66\u6212\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u304c\u300c\u8cb7\u3044\u4ed8\u3051\u671f\u9593\u306e\u7d42\u4e86\u76f4\u5f8c\u300d\u3067\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c1952861238=\"\" class=\"ng-tns-c1952861238-274 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c1952861238=\"\" class=\"code-block ng-tns-c1952861238-274 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl8wODUzZjIxM2U3YTE4YmJjIiwiY19hOWNhMzY4YmFiZjk1Yzg4IixudWxsLCJyY182YTg1ZmIzODk2MjJjOTZkIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c1952861238=\"\" class=\"formatted-code-block-internal-container ng-tns-c1952861238-274\">\n<div _ngcontent-ng-c1952861238=\"\" class=\"animated-opacity ng-tns-c1952861238-274\">\n<pre _ngcontent-ng-c1952861238=\"\" class=\"ng-tns-c1952861238-274\"><code _ngcontent-ng-c1952861238=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c1952861238-274 no-decoration-radius\">\u3010\u81ea\u793e\u682a\u8cb7\u3044\u7d42\u4e86\u5f8c\u306b\u8a2a\u308c\u308b\u9700\u7d66\u30a8\u30a2\u30dd\u30b1\u30c3\u30c8\u306e\u69cb\u56f3\u3011\r\n\r\n \u682a\u4fa1\r\n  \u2191                 \u8cb7\u4ed8\u30d4\u30fc\u30af\r\n  \u2502               \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n  \u2502              \/           \\  \u2190 \u3010\u9700\u7d66\u30a8\u30a2\u30dd\u30b1\u30c3\u30c8\uff08\u6d41\u52d5\u6027\u771f\u7a7a\uff09\u3011\r\n  \u2502             \/             \\    \u6700\u5927\u306e\u8cb7\u3044\u624b\u304c\u7a81\u5982\u4e0d\u5728\u3068\u306a\u308a\u3001\r\n  \u2502   \u6025\u53cd\u767a   \/               \u2514\u2500\u2500\u2500\u2192 \u5229\u76ca\u78ba\u5b9a\u58f2\u308a\u3092\u6d74\u3073\u3066\u4e00\u6642\u8edf\u8abf\u5316\r\n  \u2502   \u250c\u2500\u2500\u2500\u2510  \/\r\n  \u2502  \/     \\\/\r\n  \u2502 \/\r\n  \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2192 \u6642\u9593\r\n   \u3010\u767a\u8868\u3011   \u3010\u671f\u9593\u4e2d\uff1a\u65e5\u3005\u306e\u8cb7\u4ed8\u3011 \u3010\u7d42\u4e86\u3011\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ol start=\"1\" data-path-to-node=\"100\">\n<li>\n<p data-path-to-node=\"100,0,0\"><b data-path-to-node=\"100,0,0\" data-index-in-node=\"0\">\u6700\u5927\u306e\u8cb7\u3044\u624b\u304c\u7a81\u7136\u300c\u30bc\u30ed\u300d\u306b\u306a\u308b<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"100,0,1\"><span>\u3053\u308c\u307e\u3067\u6bce\u65e5\u4f55\u5341\u5104\u5186\u3068\u8cb7\u3063\u3066\u304f\u308c\u3066\u3044\u305f\u6700\u5927\u306e\u30d7\u30ec\u30a4\u30e4\u30fc\u304c\u3001<\/span><span>\u3042\u308b\u65e5\u3092\u5883\u306b\u5e02\u5834\u304b\u3089\u5b8c\u5168\u306b\u9000\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"100,1,0\"><b data-path-to-node=\"100,1,0\" data-index-in-node=\"0\">\u77ed\u671f\u7b4b\u306e\u4e00\u6589\u624b\u4ed5\u821e\u3044\uff08\u30a4\u30d9\u30f3\u30c8\u901a\u904e\u58f2\u308a\uff09<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"100,1,1\"><span>\u300c\u81ea\u793e\u682a\u8cb7\u3044\u671f\u9593\u4e2d\u306f\u4e0b\u304c\u308a\u306b\u304f\u3044\u300d\u3068\u3044\u3046\u9700\u7d66\u7279\u6027\u3092\u72d9\u3063\u3066\u8cb7\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u53d6\u3063\u3066\u3044\u305f\u77ed\u671f\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3084\u30b9\u30a4\u30f3\u30b0\u30c8\u30ec\u30fc\u30c0\u30fc\u304c\u3001<\/span><span>\u8cb7\u4ed8\u9032\u6357\u7387\u304c90%\u3092\u8d85\u3048\u305f\u6bb5\u968e\u304b\u3089\u4e00\u6589\u306b\u5229\u76ca\u78ba\u5b9a\u58f2\u308a\u306b\u52d5\u304d\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"100,2,0\"><b data-path-to-node=\"100,2,0\" data-index-in-node=\"0\">\u597d\u6750\u6599\u306e\u51fa\u5c3d\u304f\u3057\u611f<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"100,2,1\"><span>\u5de8\u984d\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3068\u3044\u3046\u6700\u5927\u306e\u30ab\u30bf\u30ea\u30b9\u30c8\uff08\u8cb7\u3044\u6750\u6599\uff09\u304c\u901a\u904e\u3057\u305f\u3053\u3068\u3067\u3001<\/span><span>\u6b21\u306e\u672c\u696d\u306e\u6c7a\u7b97\u767a\u8868\u307e\u3067\u5e02\u5834\u306e\u95a2\u5fc3\u304c\u8584\u308c\u3001<\/span><span>\u53d6\u5f15\u9ad8\u304c\u7d30\u3063\u3066\u682a\u4fa1\u304c\u8edf\u8abf\u306b\u63a8\u79fb\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"101\">5-3. \u9700\u7d66\u53cd\u52d5\u306b\u5bfe\u3059\u308b\u4f01\u696d\u3068\u6295\u8cc7\u5bb6\u306e\u5bfe\u7b56<\/h3>\n<ul data-path-to-node=\"102\">\n<li>\n<p data-path-to-node=\"102,0,0\"><b data-path-to-node=\"102,0,0\" data-index-in-node=\"0\">\u4f01\u696d\u306e\u9632\u885b\u7b56<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"102,0,1\"><span>\u8cc7\u672c\u653f\u7b56\u306b\u9577\u3051\u305f\u4f01\u696d\u306f\u3001<\/span><span class=\"\">\u8cb7\u3044\u4ed8\u3051\u7d42\u4e86\u3068\u540c\u6642\u306b\u300c\u5168\u682a\u6d88\u5374\u300d<\/span><b class=\"\" data-path-to-node=\"102,0,1\" data-index-in-node=\"28\">\u3092\u5b9f\u884c\u3057\u30661\u682a\u4fa1\u5024\u306e\u6052\u4e45\u7684\u306a\u5411\u4e0a\u3092\u5e02\u5834\u306b\u518d\u8a8d\u8b58\u3055\u305b\u305f\u308a\u3001<\/b><span>\u300c\u7d2f\u9032\u914d\u5f53\u306e\u5897\u984d\u300d\u3092\u767a\u8868\u3057\u3066\u30a4\u30f3\u30ab\u30e0\u72d9\u3044\u306e\u9577\u671f\u8cc7\u91d1\u3092\u3064\u306a\u304e\u6b62\u3081\u307e\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6f64\u6ca2\u306a\u4f01\u696d\u3067\u3042\u308c\u3070\u3001<\/span><span class=\"\">\u524d\u56de\u306e\u67a0\u304c\u7d42\u4e86\u3057\u305f\u76f4\u5f8c\u306e\u6c7a\u7b97\u3067\u300c\u7b2c2\u5f3e\u306e\u81ea\u793e\u682a\u8cb7\u3044\u67a0\u300d\u3092\u9593\u9aea\u5165\u308c\u305a\u306b\u8a2d\u5b9a\u3057\u3001<\/span><span>\u9700\u7d66\u306e\u7a7a\u767d\u3092\u57cb\u3081\u308b\u624b\u3092\u6253\u3061\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"102,1,0\"><b data-path-to-node=\"102,1,0\" data-index-in-node=\"0\">\u6295\u8cc7\u5bb6\u306e\u7acb\u3061\u56de\u308a<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"102,1,1\"><span>\u4e0a\u5834\u4f01\u696d\u306f\u6bce\u6708\u3001<\/span><span>\u6771\u8a3c\u306b\u5bfe\u3057\u3066\u300c\u81ea\u5df1\u682a\u5f0f\u306e\u53d6\u5f97\u72b6\u6cc1\u5831\u544a\u66f8\u300d\u3092\u958b\u793a\u3057\u307e\u3059\u3002<\/span><span>\u3053\u306e\u9032\u6357\u7387\u3092\u30c1\u30a7\u30c3\u30af\u3057\u3001<\/span><b data-path-to-node=\"102,1,1\" data-index-in-node=\"47\">\u8cb7\u4ed8\u67a0\u306e\u6d88\u5316\u7387\u304c80\u301c90%\u306b\u9054\u3057\u305f\u6bb5\u968e\u3067\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u4e00\u90e8\u3092\u5229\u76ca\u78ba\u5b9a\u3057\u3066\u304a\u304f<\/b><span>\u306e\u304c\u8ce2\u660e\u306a\u30ea\u30b9\u30af\u7ba1\u7406\u3067\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span>\u7d42\u4e86\u76f4\u5f8c\u306e\u9700\u7d66\u60aa\u5316\u306b\u3088\u3063\u3066\u682a\u4fa1\u304c\u4e00\u6642\u7684\u306b\u58f2\u3089\u308c\u305f\u5c40\u9762\u306f\u3001<\/span><span>EPS\u304c\u5411\u4e0a\u3057\u3066\u5272\u5b89\u306b\u306a\u3063\u3066\u3044\u308b\u512a\u826f\u4f01\u696d\u3092\u5b89\u304f\u62fe\u3046\u300c\u7d76\u597d\u306e\u62bc\u3057\u76ee\u8cb7\u3044\u30c1\u30e3\u30f3\u30b9\u300d\u306b\u3082\u306a\u308a\u5f97\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"104\">\u7b2c6\u7ae0\uff1a\u6771\u8a3cPBR\u6539\u9769\u3068\u81ea\u793e\u682a\u8cb7\u3044\u504f\u91cd\u3078\u306e\u5e02\u5834\u306e\u61f8\u5ff5<\/h2>\n<h3 data-path-to-node=\"105\">6-1. \u300cPBR1\u500d\u5272\u308c\u6539\u5584\u8981\u8acb\u300d\u306e\u80cc\u666f<\/h3>\n<p data-path-to-node=\"106\"><span>2023\u5e74\u6625\u4ee5\u964d\u3001<\/span><span>\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306f\u30d7\u30e9\u30a4\u30e0\u30fb\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u4e0a\u5834\u4f01\u696d\u306b\u5bfe\u3057\u3066\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u306e\u5b9f\u73fe\u306b\u5411\u3051\u305f\u5bfe\u5fdc\u300d\u3092\u5f37\u304f\u8981\u8acb\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"107\"><span>\u65e5\u672c\u4f01\u696d\u306f\u9577\u5e74\u306b\u308f\u305f\u308a\u3001<\/span><span>\u7a3c\u3044\u3060\u5229\u76ca\u3092\u904e\u5270\u306b\u5185\u90e8\u7559\u4fdd\uff08\u73fe\u91d1\uff09\u3068\u3057\u3066\u6e9c\u3081\u8fbc\u307f\u3001<\/span><span>\u4f4e\u53ce\u76ca\u306a\u4e8b\u696d\u3092\u653e\u7f6e\u3057\u3066\u304d\u305f\u7d50\u679c\u3001<\/span><span>\u4e0a\u5834\u4f01\u696d\u306e\u534a\u6570\u8fd1\u304f\u304cPBR1\u500d\u5272\u308c\uff08\u89e3\u6563\u4fa1\u5024\u3092\u4e0b\u56de\u308b\u8a55\u4fa1\uff09\u306b\u653e\u7f6e\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/span><span>\u6771\u8a3c\u306f\u3053\u306e\u300c\u8cc7\u672c\u306e\u6020\u6162\u300d\u3092\u6253\u7834\u3057\u3001<\/span><span>\u65e5\u672c\u682a\u3092\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30cd\u30fc\u304c\u5b89\u5fc3\u3057\u3066\u6295\u8cc7\u3067\u304d\u308b\u9b45\u529b\u7684\u306a\u5e02\u5834\u3078\u3068\u5909\u9769\u3059\u308b\u305f\u3081\u306b\u5927\u53f7\u4ee4\u3092\u304b\u3051\u305f\u306e\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"108\">6-2. \u300cPBR = ROE \u00d7 PER\u300d\u304b\u3089\u898b\u308b\u81ea\u793e\u682a\u8cb7\u3044\u504f\u91cd\u306e\u9650\u754c<\/h3>\n<p data-path-to-node=\"109\"><span>PBR\u306f\u3001<\/span><span>\u8ca1\u52d9\u8af8\u8868\u4e0a\u3001<\/span><span>\u6b21\u306e\u7a4d\u306b\u5206\u89e3\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"110\">\n<div class=\"math-block\" data-math=\"\\text{PBR} = \\text{ROE\uff08\u8cc7\u672c\u52b9\u7387\uff09} \\times \\text{PER\uff08\u5c06\u6765\u306e\u6210\u9577\u671f\u5f85\uff09}\">PBR = ROE\uff08\u8cc7\u672c\u52b9\u7387\uff09 \u00d7 PER\uff08\u5c06\u6765\u306e\u6210\u9577\u671f\u5f85\uff09<\/div>\n<\/div>\n<ul data-path-to-node=\"111\">\n<li>\n<p data-path-to-node=\"111,0,0\"><b data-path-to-node=\"111,0,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30a2\u30d7\u30ed\u30fc\u30c1<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"111,0,1\"><span>\u624b\u5143\u73fe\u91d1\u3092\u653e\u51fa\u3057\u3066\u7d14\u8cc7\u7523\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u524a\u308b\u305f\u3081\u3001<\/span><b data-path-to-node=\"111,0,1\" data-index-in-node=\"24\">\u5206\u6bcd\u306e\u5727\u7e2e\u306b\u3088\u3063\u3066ROE\u3092\u624b\u3063\u53d6\u308a\u65e9\u304f\u8df3\u306d\u4e0a\u3052\u3001\u77ed\u671f\u9593\u3067PBR1\u500d\u3092\u9054\u6210\u3059\u308b<\/b><span>\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"111,1,0\"><b data-path-to-node=\"111,1,0\" data-index-in-node=\"0\">\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u62b1\u304f\u5f37\u3044\u61f8\u5ff5<\/b><span>:<\/span><\/p>\n<p data-path-to-node=\"111,1,1\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u3063\u3066\u5206\u5b50\u306e\u300c\u5229\u76ca\u300d\u3092\u5897\u3084\u3055\u305a\u306b\u5206\u6bcd\u306e\u300c\u8cc7\u672c\u300d\u3060\u3051\u3092\u524a\u308b\u884c\u70ba\u306f\u3001<\/span><span class=\"\">\u4f01\u696d\u3068\u3057\u3066\u306e\u4e8b\u696d\u898f\u6a21\u3092\u5c0f\u3055\u304f\u3059\u308b\u300c\u7e2e\u5c0f\u5747\u8861\u300d\u306b\u904e\u304e\u307e\u305b\u3093\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c1952861238=\"\" class=\"ng-tns-c1952861238-275 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c1952861238=\"\" class=\"code-block ng-tns-c1952861238-275 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl8wODUzZjIxM2U3YTE4YmJjIiwiY19hOWNhMzY4YmFiZjk1Yzg4IixudWxsLCJyY182YTg1ZmIzODk2MjJjOTZkIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c1952861238=\"\" class=\"formatted-code-block-internal-container ng-tns-c1952861238-275\">\n<div _ngcontent-ng-c1952861238=\"\" class=\"animated-opacity ng-tns-c1952861238-275\">\n<pre _ngcontent-ng-c1952861238=\"\" class=\"ng-tns-c1952861238-275\"><code _ngcontent-ng-c1952861238=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c1952861238-275 no-decoration-radius\">\u3010\u6771\u8a3c\u6539\u9769\u306e\u7406\u60f3 vs \u4f01\u696d\u306e\u5b89\u6613\u306a\u9003\u3052\u9053\u3011\r\n\r\n [\u5b89\u6613\u306a\u9053] \u81ea\u793e\u682a\u8cb7\u3044\u3067\u81ea\u5df1\u8cc7\u672c\u3092\u5727\u7e2e \u2500\u2500\u2192 ROE\u3060\u3051\u6a5f\u68b0\u7684\u306b\u6025\u4e0a\u6607 \u2500\u2500\u2192 PER\u306f\u4f4e\u8ff7\uff08\u7e2e\u5c0f\u5747\u8861\uff09\r\n \r\n [\u672c\u8cea\u7684\u306a\u9053] \u6210\u9577\u6295\u8cc7\uff08ROIC\u5411\u4e0a\uff09 \u2500\u2500\u2500\u2192 \u672c\u696d\u306e\u5229\u76ca\u30fb\u58f2\u4e0a\u304c\u62e1\u5927 \u2500\u2500\u2500\u2192 PER\u30fbROE\u53cc\u65b9\u304c\u4e0a\u6607\uff08\u4f01\u696d\u4fa1\u5024\u62e1\u5927\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"113\"><span>\u56fd\u5185\u5916\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u7d4c\u6e08\u754c\u304b\u3089\u306f\u3001<\/span><span>\u6b21\u306e\u3088\u3046\u306a\u53b3\u3057\u3044\u6307\u6458\u304c\u76f8\u6b21\u3044\u3067\u3044\u307e\u3059\u3002<\/span><\/p>\n<blockquote data-path-to-node=\"114\" class=\"\">\n<p data-path-to-node=\"114,0\"><i data-path-to-node=\"114,0\" data-index-in-node=\"0\">\u300c\u7d4c\u55b6\u9663\u306f\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3068\u3044\u3046\u5b89\u6613\u306a\u8ca1\u52d9\u30c6\u30af\u30cb\u30c3\u30af\uff08\u5316\u7ca7\u8cb7\u3044\uff09\u3067\u6771\u8a3c\u306e\u5bbf\u984c\u3092\u7247\u4ed8\u3051\u305f\u3064\u3082\u308a\u306b\u306a\u3063\u3066\u3044\u306a\u3044\u304b\uff1f\u300d<\/i><\/p>\n<p data-path-to-node=\"114,1\"><i data-path-to-node=\"114,1\" data-index-in-node=\"0\">\u300c\u81ea\u793e\u306e\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff08ROIC\uff09\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3092\u4e0a\u56de\u308b\u3088\u3046\u306a\u3001\u672c\u696d\u306e\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3084\u65b0\u898f\u6295\u8cc7\uff08DX\u3001\u8131\u70ad\u7d20\u3001\u4eba\u6750\u6295\u8cc7\uff09\u3092\u63d0\u793a\u3067\u304d\u3066\u3044\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u300d<\/i><\/p>\n<\/blockquote>\n<p data-path-to-node=\"115\"><span>\u6771\u8a3c\u81ea\u8eab\u3082\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u4f1a\u8b70\u306b\u304a\u3044\u3066\u3001<\/span><span>\u300c\u5358\u306a\u308b\u4e00\u904e\u6027\u306e\u682a\u4e3b\u9084\u5143\uff08\u81ea\u793e\u682a\u8cb7\u3044\u3084\u5897\u914d\uff09\u3060\u3051\u3067PBR1\u500d\u9054\u6210\u3092\u56f3\u308b\u3053\u3068\u306f\u672c\u8cea\u3067\u306f\u306a\u3044\u300d<\/span><b data-path-to-node=\"115\" data-index-in-node=\"64\">\u3068\u7e70\u308a\u8fd4\u3057\u8b66\u544a\u3057\u3066\u3044\u307e\u3059\u3002\u73fe\u5728\u5e02\u5834\u304b\u3089\u771f\u306b\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u306e\u306f\u3001\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u5341\u5206\u306b\u4e0a\u56de\u308b\u6210\u9577\u6295\u8cc7\u8a08\u753b\u300d\u3092\u793a\u3057\u305f\u4e0a\u3067\u3001\u305d\u308c\u3067\u3082\u306a\u304a\u6b8b\u308b\u4f59\u5270\u8cc7\u91d1\u3092\u6a5f\u52d5\u7684\u306a\u81ea\u793e\u682a\u8cb7\u3044\u3067\u9084\u5143\u3059\u308b\u3068\u3044\u3046<\/b><span>\u300c\u660e\u78ba\u306a\u512a\u5148\u9806\u4f4d\u3092\u6301\u3063\u305f\u30ad\u30e3\u30d4\u30bf\u30eb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff08\u8cc7\u672c\u914d\u5206\uff09\u300d\u3092\u884c\u3063\u3066\u3044\u308b\u4f01\u696d\u3067\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"117\">\u7d50\u3073\uff1a\u6fc0\u52d5\u306e\u6642\u4ee3\u3092\u751f\u304d\u629c\u304f\u300c\u91d1\u878d\u30fb\u6295\u8cc7\u77e5\u8b58\u300d\u306e\u91cd\u8981\u6027<\/h2>\n<p data-path-to-node=\"118\"><span>\u4e09\u83f1\u5546\u4e8b\u306e\u5de8\u984d\u81ea\u793e\u682a\u8cb7\u3044\u3092\u3081\u3050\u308b\u4e00\u9023\u306e\u30ed\u30b8\u30c3\u30af\u306f\u3001<\/span><span>\u4e00\u898b\u3059\u308b\u3068\u5927\u4f01\u696d\u306e\u8ca1\u52d9\u90e8\u9580\u3084\u30d7\u30ed\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3060\u3051\u306b\u95a2\u4fc2\u306e\u3042\u308b\u8a71\u306b\u898b\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u73fe\u4ee3\u793e\u4f1a\u3092\u751f\u304d\u308b\u79c1\u305f\u3061\u4e00\u4eba\u3072\u3068\u308a\u306b\u3068\u3063\u3066\u3001<\/span><span>\u3053\u3046\u3057\u305f\u91d1\u878d\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u77e5\u8b58\u3092\u8eab\u306b\u3064\u3051\u308b\u3053\u3068\u306f\u3001<\/span><b data-path-to-node=\"118\" data-index-in-node=\"125\">\u81ea\u5206\u81ea\u8eab\u306e\u751f\u6d3b\u3068\u5c06\u6765\u306e\u4eba\u751f\u3092\u5b88\u308b\u305f\u3081\u306e\u6b7b\u6d3b\u554f\u984c<\/b><span>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"119\">1. \u30cb\u30e5\u30fc\u30b9\u306e\u300c\u984d\u9762\u300d\u306b\u60d1\u308f\u3055\u308c\u306a\u3044\u30ea\u30c6\u30e9\u30b7\u30fc<\/h3>\n<p data-path-to-node=\"120\"><span>\u300c\u4e09\u83f1\u5546\u4e8b\u304c1\u5146\u5186\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3092\u767a\u8868\uff01\u300d\u3068\u3044\u3046\u83ef\u3005\u3057\u3044\u30cb\u30e5\u30fc\u30b9\u901f\u5831\u3092\u898b\u305f\u6642\u3001<\/span><span>\u77e5\u8b58\u306e\u306a\u3044\u4eba\u306f\u300c1\u5146\u5186\u3082\u682a\u3092\u8cb7\u3063\u3066\u304f\u308c\u308b\u306a\u3089\u3001<\/span><span>\u660e\u65e5\u304b\u3089\u682a\u4fa1\u306f\u7d76\u5bfe\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u306f\u305a\u3060\u300d\u3068\u77ed\u7d61\u7684\u306b\u4fe1\u3058\u8fbc\u307f\u3001<\/span><span>\u9ad8\u5024\u3067\u98db\u3073\u3064\u3044\u3066\u75db\u624b\u3092\u8ca0\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"121\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u672c\u7a3f\u3067\u89e3\u8aac\u3057\u305f\u77e5\u8b58\u3092\u6301\u3064\u4eba\u3067\u3042\u308c\u3070\u3001<\/span><\/p>\n<ul data-path-to-node=\"122\">\n<li>\n<p data-path-to-node=\"122,0,0\"><span>\u300c\u767a\u884c\u6e08\u307f\u682a\u5f0f\u306e\u4f55\uff05\u3092\u8cb7\u3044\u623b\u3057\u3001<\/span><span>\u5168\u6570\u6d88\u5374\u3059\u308b\u8a08\u753b\u306a\u306e\u304b\uff1f\u300d<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"122,1,0\"><span class=\"\">\u300c\u8cb7\u4ed8\u671f\u9593\u306f\u4f55\u30f6\u6708\u3067\u3001<\/span><span>\u65e5\u3005\u306e\u5e02\u5834\u8cb7\u4ed8\u30a4\u30f3\u30d1\u30af\u30c8\u306f\u3069\u306e\u7a0b\u5ea6\u304b\uff1f\u300d<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"122,2,0\"><span>\u300c\u672c\u696d\u306e\u5229\u76ca\u6210\u9577\uff08\u4e0a\u65b9\u4fee\u6b63\uff09\u3092\u4f34\u3063\u3066\u3044\u308b\u306e\u304b\u3001<\/span><span>\u305d\u308c\u3068\u3082\u898b\u304b\u3051\u306e\u5316\u7ca7\u8cb7\u3044\u304b\uff1f\u300d<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"122,3,0\"><span>\u300c\u8cb7\u3044\u4ed8\u3051\u7d42\u4e86\u76f4\u524d\u306e\u9700\u7d66\u30a8\u30a2\u30dd\u30b1\u30c3\u30c8\u306f\u3044\u3064\u9803\u8a2a\u308c\u308b\u304b\uff1f\u300d \u3068\u3044\u3063\u305f<\/span><b data-path-to-node=\"122,3,0\" data-index-in-node=\"33\">\u591a\u89d2\u7684\u306a\u8996\u70b9\u304b\u3089\u30cb\u30e5\u30fc\u30b9\u306e\u69cb\u9020\u7684\u306a\u88cf\u5074\u3092\u8aad\u307f\u89e3\u304f<\/b><span>\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><span>\u91d1\u878d\u77e5\u8b58\u3068\u306f\u3001<\/span><span>\u5e02\u5834\u306e\u717d\u308a\u6587\u53e5\u3084\u30ce\u30a4\u30ba\u304b\u3089\u81ea\u5206\u306e\u5927\u5207\u306a\u8cc7\u7523\u3092\u5b88\u308b\u305f\u3081\u306e\u6700\u5f37\u306e\u9632\u58c1\uff08\u30b7\u30a7\u30eb\u30bf\u30fc\uff09\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"123\">2. 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data-path-to-node=\"125,0,0\"><span>\u7a3c\u3044\u3060\u7d66\u4e0e\u3092\u3001<\/span><span>\u81ea\u5df1\u7814\u947d\u3084\u5065\u5eb7\u7dad\u6301\u3001<\/span><span>\u30b9\u30ad\u30eb\u7fd2\u5f97\u306b\u6295\u3058\u308b\u306e\u304b\uff1f\uff08\uff1d\u4f01\u696d\u306e\u8a2d\u5099\u6295\u8cc7\u30fbR&amp;D\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"125,1,0\"><span>\u65e5\u3005\u306e\u751f\u6d3b\u306e\u697d\u3057\u307f\u3084\u5bb6\u65cf\u3068\u306e\u56e3\u3089\u3093\u306b\u4f7f\u3046\u306e\u304b\uff1f\uff08\uff1d\u4f01\u696d\u306e\u914d\u5f53\u91d1\u652f\u6255\u3044\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"125,2,0\"><span class=\"\">\u501f\u91d1\u3092\u8fd4\u6e08\u3057\u3066\u8eab\u8efd\u306b\u306a\u308a\u3001<\/span><span>\u751f\u6d3b\u9632\u885b\u8cc7\u91d1\u3092\u6574\u3048\u3066\u7121\u99c4\u3092\u524a\u308b\u306e\u304b\uff1f\uff08\uff1d\u4f01\u696d\u306e\u81ea\u793e\u682a\u8cb7\u3044\u30fb\u8cc7\u672c\u306e\u6700\u9069\u5316\uff09<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"126\"><span>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u7406\u8ad6\u3092\u5b66\u3076\u3053\u3068\u306f\u3001<\/span><span>\u5358\u306b\u682a\u5f0f\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3059\u305f\u3081\u3060\u3051\u306e\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u4f1a\u793e\u3068\u3044\u3046\u7d44\u7e54\u304c\u3069\u306e\u3088\u3046\u306b\u4fa1\u5024\u3092\u6700\u5927\u5316\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u304b\u306e\u5408\u7406\u7684\u601d\u8003\u3092\u5b66\u3076\u3053\u3068\u306f\u3001<\/span><b data-path-to-node=\"126\" data-index-in-node=\"90\">\u81ea\u5206\u81ea\u8eab\u306e\u30ad\u30e3\u30ea\u30a2\u3084\u5bb6\u8a08\u3068\u3044\u3046\u300c\u500b\u4eba\u682a\u5f0f\u4f1a\u793e\u300d\u3092\u3044\u304b\u306b\u5065\u5168\u306b\u7d4c\u55b6\u3057\u3001\u9577\u671f\u7684\u306a\u4eba\u751f\u4fa1\u5024\u3092\u6700\u5927\u5316\u3057\u3066\u3044\u304f\u304b\u306e\u7f85\u91dd\u76e4<\/b><span>\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"127\">3. \u300c\u30a4\u30f3\u30d5\u30ec\u3068\u8cc7\u7523\u5f62\u6210\u306e\u6642\u4ee3\u300d\u306b\u304a\u3051\u308b\u751f\u5b58\u6226\u7565<\/h3>\n<p data-path-to-node=\"128\"><span>\u65e5\u672c\u306f\u9577\u5e74\u7d9a\u3044\u305f\u30c7\u30d5\u30ec\u3068\u4f4e\u91d1\u5229\u306e\u6642\u4ee3\u3092\u629c\u3051\u51fa\u3057\u3001<\/span><span>\u7269\u4fa1\u3068\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u306e\u4e16\u754c\u3078\u3068\u5b8c\u5168\u306b\u8235\u3092\u5207\u308a\u307e\u3057\u305f\u3002<\/span><span>\u9280\u884c\u53e3\u5ea7\u306b\u305f\u3060\u73fe\u91d1\u3092\u7720\u3089\u305b\u3066\u304a\u304f\u3060\u3051\u3067\u306f\u3001<\/span><span>\u304a\u91d1\u306e\u5b9f\u8cea\u7684\u306a\u8cfc\u8cb7\u529b\u306f\u5e74\u3005\u76ee\u6e1b\u308a\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"129\"><span>\u65b0NISA\u306e\u666e\u53ca\u306b\u3088\u308a\u3001<\/span><span>\u8cc7\u7523\u5f62\u6210\u306f\u4e00\u90e8\u306e\u5bcc\u88d5\u5c64\u306e\u8da3\u5473\u3067\u306f\u306a\u304f\u3001<\/span><span>\u3059\u3079\u3066\u306e\u751f\u6d3b\u8005\u306b\u3068\u3063\u3066\u5fc5\u9808\u306e\u30e9\u30a4\u30d5\u30b9\u30ad\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"130\"><span>\u4e0a\u5834\u4f01\u696d\u304c\u8cc7\u672c\u52b9\u7387\u3092\u771f\u5263\u306b\u9ad8\u3081\u3001<\/span><span>\u682a\u4e3b\u9084\u5143\u3092\u5f37\u5316\u3057\u3001<\/span><span>\u4e16\u754c\u57fa\u6e96\u306e\u7d4c\u55b6\u3078\u3068\u8131\u76ae\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u4eca\u3001<\/span><span>\u79c1\u305f\u3061\u306f\u300c\u512a\u308c\u305f\u8cc7\u672c\u653f\u7b56\u3092\u5b9f\u884c\u3067\u304d\u308b\u5f37\u3044\u4f01\u696d\u300d\u3092\u898b\u6975\u3081\u3001<\/span><span>\u6295\u8cc7\u3092\u901a\u3058\u3066\u305d\u306e\u679c\u5b9f\uff08\u914d\u5f53\u91d1\u3084\u682a\u4fa1\u4e0a\u6607\uff09\u3092\u4eab\u53d7\u3059\u308b\u8cc7\u672c\u5bb6\u5074\u306e\u8996\u70b9\u3092\u6301\u3064\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"131\"><span>\u91d1\u878d\u3084\u6295\u8cc7\u306e\u77e5\u8b58\u306f\u3001<\/span><span>\u6c7a\u3057\u3066\u51b7\u5fb9\u306a\u6570\u5b57\u306e\u7f85\u5217\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u8cc7\u672c\u4e3b\u7fa9\u793e\u4f1a\u3068\u3044\u3046\u30eb\u30fc\u30eb\u306e\u4e2d\u3067\u81ea\u5206\u306e\u751f\u6d3b\u3092\u5b88\u308a\u3001<\/span><span>\u3088\u308a\u8c4a\u304b\u3067\u81ea\u7531\u306a\u4eba\u751f\u3092\u5207\u308a\u62d3\u304f\u305f\u3081\u306e\u3001<\/span><span>\u3059\u3079\u3066\u306e\u4eba\u306b\u958b\u304b\u308c\u305f\u751f\u304d\u308b\u77e5\u6075\u306a\u306e\u3067\u3059\u3002<\/span><\/p>\n<div><\/div>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\"><span style=\"font-size: 18pt;\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/span><\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 14pt;\"><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/span><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">GFS\u76e3\u4fee \u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7<\/a>\u300d\u3092\u307e\u305a\u306f\u304a\u8a66\u3057\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/b><\/p>\n<p>\u6295\u8cc7\u306e\u9054\u4eba\u306b\u306a\u308b\u6295\u8cc7\u8b1b\u5ea7\u306f\u3001\u751f\u5f92\u657050,000\u4eba\u3092\u8d85\u3048\u8b1b\u7fa9\u6570\u65e5\u672c\u4e00\u306e\u6295\u8cc7\u30b9\u30af\u30fc\u30eb<a href=\"https:\/\/gfs.tokyo\/\">GFS<\/a>\u304c\u63d0\u4f9b\u3059\u308b\u7121\u6599\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u3067\u3059\u3002\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u8b1b\u5e2b\u304c\u3001\u672a\u7d4c\u9a13\u8005\u3084\u82e6\u624b\u610f\u8b58\u304c\u3042\u308b\u4eba\u3067\u3082\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u6295\u8cc7\u306e\u4ed5\u7d44\u307f\u3084\u5168\u4f53\u50cf\u3001\u30eb\u30fc\u30eb\u3092\u57fa\u790e\u304b\u3089\u56f3\u89e3\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u306a\u308b\u3079\u304f\u52b9\u7387\u3088\u304f\u59cb\u3081\u305f\u3044\u4eba\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u8996\u8074\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"cv-btn-wrap\">\n<div class=\"cv-copy\" style=\"text-align: center;\"><strong><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\uff3c1\u5206\u3067\u7c21\u5358\u7533\u8fbc\uff0f<\/a><\/strong><\/div>\n<div class=\"cv-btn\" style=\"text-align: center;\"><strong><span class=\"cv-em\">\u7121\u6599<\/span><\/strong><br \/>\n<strong><span class=\"cv-text\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u306f\u3053\u3061\u3089<\/a><\/span><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 data-path-to-node=\"4\">\u3010\u91cd\u8981\u3011\u514d\u8cac\u4e8b\u9805<\/h3>\n<ul data-path-to-node=\"5\">\n<li>\n<p data-path-to-node=\"5,0,0\"><b data-path-to-node=\"5,0,0\" data-index-in-node=\"0\">\u6295\u8cc7\u5224\u65ad\u306e\u6700\u7d42\u8cac\u4efb\uff1a<\/b> 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